New Delhi, Jan 31 (PTI) Public sector UCO Bank on Monday reported a multi-fold jump in its net profit at Rs 310.39 crore for the quarter ended December 2021, helped by a modest growth in core interest income and trimming of bad loans ratio.

The Kolkata-headquartered lender had posted a net profit of Rs 35.44 crore in the year-ago quarter and Rs 205.39 crore in preceding three-month period ended September 2021.

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Total income of the bank rose to Rs 4,638.44 crore in Q3 2021-22, up 4 per cent from Rs 4,468.88 crore in the year-ago quarter, UCO Bank said in a regulatory filing.

Interest income grew by 8.8 per cent to Rs 3,919.30 crore as against Rs 3,602.59 crore.

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Provisioning for bad loans and contingencies for the quarter were trimmed significantly to Rs 548.61 crore, from Rs 1,008.88 crore parked aside by the lender in the year-ago period.

The asset quality showed improvement, with the gross non-performing assets (NPAs) coming down to 8 per cent of the gross advances as of December 31, 2021, from 9.80 per cent a year ago.

Net NPAs or bad loans too reduced to 2.81 per cent from 2.97 per cent.

Stock of UCO Bank ended at Rs 13.62 apiece on BSE, up by 1.26 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)