UCO Bank's Profits Skyrocket: A 147% Surge in Q1 Net Gain

State-owned UCO Bank reported a significant 147 per cent year-on-year increase in net profit to Rs 551 crore for the April-June quarter, up from Rs 223 crore a year earlier. The bank also saw growth in operating profit and total business, alongside a reduction in both gross and net NPAs.

State-owned UCO Bank on Monday reported a stunning 147 per cent year-on-year surge in net profit, totaling Rs 551 crore for the April-June quarter. This marks a significant leap from Rs 223 crore during the same period last year.

The bank's operating profit also rose, reaching Rs 1,321 crore, reflecting a 9.81 per cent increase over the previous year's figures. The Kolkata-based financial institution noted that its total business grew by 11.46 per cent year-on-year to Rs 4,61,408 crore, with gross advances rising by 17.64 per cent to Rs 1,93,253 crore.

The bank's deposits also saw a notable uptick, climbing 7.39 per cent year-on-year to Rs 2,68,155 crore for the quarter ending in June. Advances in the retail, agriculture, and MSME sectors increased by 18.65 per cent, amounting to Rs 1,01,986 crore. Additionally, UCO Bank managed to bring down its Gross NPA by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent. The capital adequacy ratio stood at a robust 17.09 per cent, supported by a Tier-I ratio of 14.75 per cent.