Riding on the back of a higher net interest income and other income, UCO Bank registered 371 per cent growth in net profit at ₹80 crore for the quarter ended March 31, 2021, as against ₹17 crore during the corresponding quarter last year.
Net interest income grew by 13 per cent at ₹1,412 crore during the quarter under review as against ₹1,254 crore, while other income increased by 78 per cent at ₹1,370 crore (₹769 crore).
The bank registered a net profit of ₹167 crore for the year ended March 31, 2021, as against a net loss of ₹2,437 crore in 2019-20.
Total provisions during the quarter increased by 49 per cent at ₹1,783 crore (₹1,193 crore). Provisions for non- performing assets (NPA), however, witnessed a decline at ₹770 crore (₹1,089 crore).
The percentage of gross NPA to advances declined to 9.59 per cent (16.77 per cent), while net NPA came down to 3.94 per cent (5.45 per cent).
The bank had fresh slippages of around ₹2,449 crore during the March quarter, primarily coming from retail, agriculture, MSME and large corporate. During the quarter ended March 31, 2021, the bank has reported 28 borrowal accounts as frauds involving a total amount of ₹1,238 crore, the bank said in a notes to account to BSE on Thursday.
The bank’s scrip closed at ₹13.30, up by 2.54 per cent on the BSE on Thursday.