Net profit at UCO Bank drops 23% to Rs 504 crore

In comparison to the Rs 652.97 crore recorded in the same time last year, public sector lender UCO Bank has reported a 22.8% decrease in net profit to Rs 503.83 crore for the October–December quarter of financial year (FY) 2023–24.

Gross non-performing assets (NPA) for the bank were 3.85% at the end of the quarter, compared to 5.63% the previous year. The quarter’s net non-performing asset (NPA) was 0.98%, a decrease from the previous year’s 1.66%. On the BSE, the lender’s shares ended the day about 3.37% higher at Rs 43.20 a share. The whole business of UCO Bank increased by 10.46% year over year to Rs 435456 crore. Gross advances increased by 18.63% to Rs 179195 crore, while total deposits increased by 5.38% to Rs 256261 crore.