UCO Bank Reports Strong Growth in Advances and Deposits, Despite Profit Decline

9 Apr 2024 , 02:48 PM

UCO Bank’s stock price rose by 1.52% to reach ₹56.64 following a reported 15.92% increase in total advances to ₹1.87 Lakh Crore as of March 31, 2024, compared to ₹1.62 Lakh Crore as of March 31, 2023.

Quarter on quarter (QoQ), advances grew by 4.47% in Q4 FY24 from ₹1.79 Lakh Crore as of December 31, 2023.

Total business during the quarter stood at ₹4.50 Lakh Crore, marking a 9.62% year-on-year (YoY) increase and a 3.45% QoQ increase, with total deposits reaching ₹2.63 Lakh Crore, up by 5.53% YoY and 2.73% QoQ.

Domestic advances surged by 16.62% to ₹1.63 Lakh Crore as of March 31, 2024, from ₹1.39 Lakh Crore as of March 31, 2023, and by 5.84% from ₹1.54 Lakh Crore as of December 31, 2023.

Domestic deposits reached ₹2.50 Lakh Crore as of March 31, 2024, showing a YoY growth of 3.83% and a QoQ growth of 1.21%. Domestic CASA deposits amounted to ₹0.98 Lakh Crore during the period, up by 7.76% YoY and 7.69% QoQ.

The CASA ratio improved to 39.25% as of March 31, 2024, compared to 37.82% as of March 31, 2023, and 37.61% as of December 31, 2023.

The Credit-Deposit (CD) ratio increased to 71.20% as of March 31, 2024, compared to 64.82% as of March 31, 2023, and 69.93% as of December 31, 2023.

UCO Bank provides a range of banking and financial services including retail banking, corporate banking, and treasury operations.

Despite a 17.7% increase in total income to ₹6,412.71 Crore in Q3 FY24 over Q3 FY23, the bank’s standalone net profit declined by 23% to ₹502.83 Crore.

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