UCO Bank Q1 Profit Surges 147% to Rs 551 Crore
Jul 22, 2024 15:51
UCO Bank reported a 147% jump in net profit to Rs 551 crore in Q1 FY24, driven by strong loan growth and improved asset quality. The bank's total business also grew significantly.
Kolkata, Jul 22 (PTI) State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter.
The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore.
Operating profit in the reporting quarter was Rs 1,321 crore, registering a growth of 9.81 per cent over the year-earlier period.
The Kolkata-based bank's total business grew 11.46 per cent on-year to Rs 4,61,408 crore, while gross advances increased 17.64 per cent to Rs 1,93,253 crore, it said in a statement.
Total deposits rose 7.39 per cent year-on-year to Rs 2,68,155 crore in the three months ended June.
Advances in retail, agriculture and MSME (RAM) sectors were up 18.65 per cent at Rs 1,01,986 crore, it said.
The bank also managed to reduce its Gross NPA in April-June by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent.
The statement said capital adequacy ratio stood at 17.09 per cent at the end of the first quarter, with Tier-I ratio of 14.75 per cent.
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