UCO Bank Reports Robust Q3 Net Profit Growth

State-owned UCO Bank announced a 27% increase in net profit for Q3 2024, reaching Rs 639 crore. The bank's operating profit rose to Rs 1,586 crore, and total income grew to Rs 7,406 crore. Asset quality improved, with gross NPAs declining to 2.91%.

State-owned UCO Bank reported a robust 27% rise in net profit, amounting to Rs 639 crore for the third quarter of 2024. The Kolkata-based lender had registered a net profit of Rs 503 crore in the same period the previous year.

UCO Bank's operating profit increased significantly to Rs 1,586 crore, compared to Rs 1,119 crore in the December 2023 quarter. The total income surged to Rs 7,406 crore, up from Rs 6,413 crore a year ago, according to a regulatory filing by the bank.

Interest income also saw an upward trend, climbing to Rs 6,220 crore from last year's Rs 5,552 crore. The Net Interest Income (NII) witnessed a 20% growth, reaching Rs 2,378 crore. UCO Bank's asset quality showed improvement as gross NPAs decreased to 2.91% of gross loans by December 2024, down from 3.85% a year earlier. Furthermore, the bank's net NPAs fell to 0.63% compared to 0.98% in 2023. The capital adequacy ratio rose to 16.25% from the previous fiscal's 16.01% by the end of December 2024.

(With inputs from agencies.)