UCO Bank's total business grows 12% in Q3

UCO Bank has announced stronger annual growth for the quarter ending December 2024, with the lender’s total business rising by 12.18 per cent to Rs 4.88 lakh crore.

Provisional figures submitted to the stock exchanges reveal a significant 16.20 per cent increase in total advances, which reached Rs 2.08 lakh crore. This growth was primarily driven by an impressive 18.83 per cent surge in domestic advances, now standing at Rs 1.83 lakh crore.

Deposits also saw healthy growth, climbing 9.37 per cent year-on-year to Rs 2.80 lakh crore. Domestic deposits rose by 7.29 per cent to Rs 2.65 lakh crore, contributing to the overall performance.

The bank’s current account savings account (CASA) ratio, a key indicator of a low-cost deposit base, remained stable at 37.96 per cent, compared to 37.61 per cent in December 2023.

Additionally, the credit-deposit (CD) ratio improved significantly, standing at 74.55 per cent during the reporting quarter, up from 69.93 per cent in the same period last year. This reflects better asset utilisation by the lender.

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