UCO Bank has reported 12% increase in the Net Profit at Rs 252.84 crore over 24% increase in NII at Rs 1050.59 crore. Increase in slippages has led to growth in provisions and contingencies by 34% to Rs 456.09 crore and curtailed growth in the Net Profit. Asset Quality slipped in the quarter under review with higher slippages.
As per our calculations, PCR was also lower at 45% for the year ended March 12.
UCO Bank has reported 24% jump in NII at Rs 1050.59 crore mainly on the back of 35% increase in Interest earned at Rs 3105.60 crore. Interest earned grew 29% to Rs 3964.64 crore while that of Interest expended grew 31% to Rs 2914.05 crore. The other income declined 14% to Rs 251.99 crore and pulled Net Total Income up 15% to Rs 1302.58 crore.
Operating expenses grew marginally 3% to Rs 574.46 crore and pushed up operating profit up 26% to Rs 728.12 crore. Cost to income ratio has declined 490 bps in the quarter under review. Further, provisions and contingencies grew 34% to Rs 456.09 crore and led PBT up 14% to Rs 272.03 crore. After accounting 45% increase in taxation at Rs 19.19 crore, Net Profit was higher by 12% to Rs 252.84 crore. The bank has recognized MAT credit to the extent of Rs 292.26 crore for the year ended march 12 and has entitled for the same.
For the year ended March 12, the bank has posted 22% jump in the Net profit at Rs 1108.67 crore over marginal 1% increase in NII at Rs 3902.10 crore. Dip in the cost to income ratio by 130 bps and 5% decline in provisions and contingencies have aided growth in the Net Profit.
UCO Bank: Financial Results