UCO Bank reported a decline in Q4FY24 net profit but plans to raise Rs 4,000 crore in capital during FY25 to support growth. The bank also saw improvement in asset quality.
Kolkata, Apr 29 (PTI) UCO Bank on Monday said that its board has approved the issuance of fresh equity shares with a face value of Rs 4,000 crore in the current fiscal year.
The Kolkata-based bank also reported a standalone net profit of Rs 525.77 crore for the fourth quarter ended March 2024, a decrease of 9.5 per cent compared to the corresponding period last year.
Subject to shareholder approval, the lender will explore various methods like QIP (Qualified Institutional Placement), FPO (Follow-on Public Offer), etc, for issuing 400 crore equity shares of Rs 10 each, the bank informed bourses.
This issuance may occur in multiple tranches during FY25. The capital infusion is expected to support the bank's growth plans.
UCO Bank's total income for the quarter grew by 17.44 per cent to Rs 6,984.61 crore. The bank also witnessed an improvement in asset quality, with gross NPA falling to 3.46 per cent compared to 4.78 per cent a year ago.
The lender further declared a dividend of Rs 0.28 per share for FY24.
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