UCO Bank Q3 results: Net profit falls 23% to Rs 504 crore, asset quality stays healthy

UCO Bank's gross non-performing asset (NPA) stood at 3.85 percent, down from 5.63 percent recorded in the same quarter last year

Public sector lender UCO Bank on January 24 reported a net profit of Rs 503.83  crore for the October-December quarter of financial year (FY) 2023-24, which marks a 22.8 percent falls as compared to Rs 652.97 crore clocked in the year-ago period.

The bank's gross non-performing asset (NPA) stood at 3.85 percent, down from 5.63 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.98 percent, improving from 1.66 percent on a year-on-year basis.

Shares of the lender closed for trading nearly 3.37 percent up at Rs 43.20 apiece on the BSE.

UCO Bank's total business grew by 10.46 percent to Rs.435456 crore on y-o-y, wherein gross advances increased by 18.63 percent to Rs. 179195 crore on y-o-y & total deposits grew by 5.38 percent on y-o-y to Rs.256261 crore.

Public sector lender net interest income (NII) for the nine months ended December 31, 2023, stood at Rs.5914 crore registering a growth of 10 percent on the y-o-y basis as against Rs.5371 crore for the nine months ended December 31, 2023.
The Provision Coverage Ratio improved to 95.21 percent as on December 31, 2023. as against 93.58 percent as on December 31, 2022, registering an improvement of 163 bps on y-o-y basis and 14 bps on q-o-q basis.

UCO bank has a network of 3217 domestic branches and 2 overseas branches each at Hong Kong and Singapore Centre & 1 representative office in Iran as of December 31, 2023.