UCO Bank Sees Profit Surge and Improved Asset Quality

UCO Bank reported a significant 15.76% increase in net profit for the December quarter, earning Rs 739.51 crore. The bank's total income rose to Rs 7,521.16 crore with improved asset quality, seeing a decrease in gross and net NPAs. The capital adequacy ratio also improved to 17.43%.

UCO Bank has demonstrated impressive financial growth, reporting a 15.76% increase in its net profit for the quarter ending December, achieving Rs 739.51 crore up from Rs 638.83 crore in the same period last year.

According to an exchange filing, the Kolkata-based bank's total income during the quarter climbed to Rs 7,521.16 crore, a rise from Rs 7,405.89 crore last year, with interest earned expanding to Rs 6,651.84 crore.

Furthermore, improvements in asset quality were observed as gross non-performing assets declined to 2.41%, and the bank's capital adequacy ratio increased to 17.43%, underscoring the institution's stronger financial position.

(With inputs from agencies.)