UCO Bank Q1 Results, net profit up by 147% YoY

Net profit for the quarter ending 30.06.2024 stood at Rs.551 crore as against Rs.223 crore for the same period of preceding year, registering a growth of 147.09% y-oy.

UCO Bank Q1 Results, net profit up by 147% YoY

Public Sector Lender UCO Bank has declared its financial results of the quarter end 30th June 2024, where the total Business grew by 11.46% to Rs.461408 crore on y-o-y, wherein Gross Advances increased by 17.64% to Rs. 193253 crore on y-o-y and Total Deposits grown by 7.39% on y-o-y to Rs.268155 crore.

 Net profit for the quarter ending 30.06.2024 stood at Rs.551 crore as against Rs.223 crore for the same period of preceding year, registering a growth of 147.09% y-oy.

 

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Operating Profit for the quarter ended 30.06.2024 stood at Rs.1321 crore showing an increase of 9.81% on a y-o-y basis. Gross NPA is reduced by 116 bps y-oy to 3.32% on 30.06.2024 whereas Net NPA is reduced by 40 bps y-oy to 0.78% on 30.06.2024.

Capital Adequacy Ratio (CRAR) improved by 24 bps y-o-y to 17.09 % as of 30.06.2024 wherein Tier I Capital Ratio improved by 59 bps y-o-y to 14.75% as of 30.06.2024.

 Credit to Deposit Ratio registered an improvement of 636 bps to 72.07% on y-o-y basis.  Total Business grew by 11.46% on y-o-y to Rs. 461408 crore on 30.06.2024 from Rs.413972 crore on 30.06.2023.

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The Bank's Total Deposits is increased by 7.39% on a y-o-y basis to Rs.268155 crore as of 30.06.2024 from Rs.249694 crore as on 30.06.2023. Gross Advances grew 17 .64 % on y-o-y to Rs.193253 crore as of 30.06.2024 as against Rs.164278 crore as on 30.06.2023.

 Operating Profit for the quarter ended 30.06.2024 stood at Rs.1321 crore registering a growth of 9.81% on the y-o-y basis as against Rs.1203 crore for the same period of the preceding year.

 Net Profit for the quarter ended 30.06.2024 stood at Rs.551 crore as against Rs.223 crore for the same period in the preceding year, registering a growth of 147.09% y-oy.

Net Interest Income (NII) for the quarter ended 30.06.2024 stood at Rs.2254 crore registering a growth of 12.20% on a y-o-y basis as against Rs.2009 crore for the same period of preceding year.

 

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