The Board of Directors of UCO Bank will meet on Friday to consider and approve the financial results for the first quarter ended June 30, 2023. The bank’s scrip was trading at ₹29.12, down by 0.31 per cent on the BSE on Friday.
The bank had registered 86 per cent rise in net profit at ₹581 crore for the quarter ended March 31, 2023, as compared with ₹312 crore same period last year. Net interest income (NII) increased by nearly 19 per cent at ₹1,972 crore during the quarter up from ₹1,653 crore same period last year.
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The bank has been focusing on retail, agriculture and MSME sectors in a big way to grow its advances.
UCO Bank had witnessed an improvement in asset quality with the percentage of gross non-performing asset (NPA) coming down to 4.78 per cent (7.89 per cent) and net NPA down to 1.29 per cent (2.7 per cent) during the fourth quarter ended March 31, 2023.