Latest News | UCO Bank Q3 Profit Down 23% at Rs 503 Cr
Get latest articles and stories on Latest News at LatestLY. State-owned UCO Bank on Wednesday reported 23 per cent decline in net profit at Rs 503 crore for December quarter 2023-24.
New Delhi, Jan 24 (PTI) State-owned UCO Bank on Wednesday reported 23 per cent decline in net profit at Rs 503 crore for December quarter 2023-24.
The Kolkata-based lender had logged a net profit of Rs 653 crore in the same quarter a year ago.
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Operating profit was almost flat at Rs 1,119 crore as against Rs 1,354 crore in December 2022 quarter.
Total income increased to Rs 6,413 crore from Rs 5,451 crore in the same period last year, UCO Bank said in a regulatory filing.
Interest income also rose to Rs 5,552 crore over Rs 4,627 crore.
On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 3.85 per cent of gross loans by the end of December 2023 from 5.63 per cent a year ago.
Similarly, net NPAs or bad loans came down to 0.98 per cent as compared to 1.66 per cent in 2022.
As a result, provisions for bad loans declined to Rs 116 crore from Rs 220 crore a year ago.
The capital adequacy ratio rose to 16.01 per cent from 14.32 per cent at the end of December quarter FY22.
(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)