UCO Bank logs 50% y-o-y growth in Q2 net profit

21 Oct 2024 , 12:07 PM

UCO Bank Ltd announced a 50% year-on-year (YoY) increase in net profit to ₹602 Crore for the second quarter ended September 30, 2024. In the preceding fiscal quarter, UCO Bank reported a net profit of ₹401.7 Crore, according to a regulatory filing.

Net interest income (NII), which is the difference between the interest revenue a bank receives from its lending activities and the interest it pays to depositors, climbed 20% to ₹2,300.4 Crore from ₹1,916.5 Crore in the same quarter of FY24.

The gross non-performing asset (GNPA) ratio was 3.18% in the September quarter, compared to 3.32% in the June quarter. Net NPA was 0.73%, compared to 0.78% in the previous quarter. 

In monetary terms, gross NPA remained at ₹6,293.86 Crore versus ₹6,420.12 Crore quarter-on-quarter. Net NPA stood at ₹1,406.44 Crore against ₹1,473.42 Crore.

The bank’s Net Interest Margin (NIM) for the second quarter of FY25 was 3.10%, up from 2.84% in the same quarter last year. In the first half of FY25, the NIM was 3.09%, up from 2.92% in the same period in FY24. 

As of September 30, 2024, the bank’s total business was ₹4,73,704 Crore, up 13.56% year on year. Gross advances climbed by 18% to ₹1,97,927 Crore, while total deposits increased by 10.57% to ₹2,75,777 Crore.

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