Latest News | UCO Bank Q2 Net More Than Doubles to Rs 504.52 Cr
Get latest articles and stories on Latest News at LatestLY. State-owned UCO Bank on Thursday reported a more than two-fold jump in its net profit at Rs 504.52 crore for the quarter ended September 2022 as fall in bad loans resulted in lesser provisioning requirement.
New Delhi, Nov 3 (PTI) State-owned UCO Bank on Thursday reported a more than two-fold jump in its net profit at Rs 504.52 crore for the quarter ended September 2022 as fall in bad loans resulted in lesser provisioning requirement.
The bank had reported a net profit of Rs 205.39 crore in the corresponding quarter a year ago.
Also Read | Good News For Employees, Wakefit.co Announces ‘No Questions Asked’ Wellness Leave Policy for Its Staff.
Total income of the Kolkata-headquartered lender during July-September rose to Rs 4,964.84 crore from Rs 4,655.86 crore in the same period of 2021-22, UCO Bank said in a regulatory filing.
Interest income during Q2 FY23 rose to Rs 4,184.89 crore from Rs 3,719.79 crore.
Also Read | 7th Pay Commission: Basic Pay To Be Increased? Here’s What Government Said About Minimum Wage Hike in 2018.
There was improvement in the bank's asset quality as the gross NPAs dipped to 6.58 per cent of the gross advances as of end-September 2022 from 8.98 per cent a year ago.
Net NPAs too came down to 1.99 per cent from 3.37 per cent.
The bank's total provisioning for the quarter stood at Rs 405.76 crore, down from Rs 1,018.62 crore earlier.
Stock of UCO Bank closed at Rs 14.44 apiece on BSE, up 5.25 per cent from its 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)