UCO Bank Surges: Profits and Growth on a Stellar Rise

UCO Bank experienced a remarkable 24% growth in net profit, reaching ₹665.72 crore for the quarter ending March. The bank saw improvements in asset quality and a substantial increase in total business. Government holding was reduced due to capital infusion, marking a pivotal fiscal milestone for the bank.

UCO Bank reported a significant 24% year-on-year increase in net profit, achieving ₹665.72 crore for the March quarter.

The state-owned bank also improved its asset quality, with gross NPAs declining to 2.69%. The bank's overall business saw a 14.12% growth, fueled by advances and deposit increases.

Despite a dilution in government holding due to capital infusion, the bank is poised for continued growth with expansions in retail, agriculture, and MSME segments.

(With inputs from agencies.)