UCO bank announces 27% increase in net profit for Q3

NEW DELHI: State-run UCO Bank has reported a 27.1 per cent annual increase in net profit for the third quarter of the 2024-25 financial year, reaching Rs 638.83 crore, reflecting a significant rise from the Rs 502.83 crore profit recorded during the corresponding period last year.

The bank's total income grew by 15.5 per cent, amounting Rs 7,405.89 crore for the October-December quarter, compared to Rs 6,412.71 crore in the corresponding period of the previous fiscal year. Interest income also showed strengthened growth, climbing to Rs 6,219.96 crore from Rs 5,551.89 crore last year, fueled by higher advances and improved yields.

For the nine months ending 31 December 2024, UCO Bank reported a 58.9 per cent rise in net profit to Rs 1,792.53 crore, compared to Rs 1,127.97 crore in the same period the previous year. Total income during this nine-month period increased by 17.6 per cent to Rs 21,33,674 crore, up from Rs 18,13,526 crore a year ago.

The bank's asset quality showed marked improvement, with the gross non-performing asset (NPA) ratio falling to 2.91 per cent as of 31 December 2024, down from 3.78 per cent a year earlier.

The provision coverage ratio (PCR) also showed a slight rise to 96.16 per cent from 95.21 per cent in the same period last year.

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