Money & Banking

UCO Bank Q2 net zooms 583% to ₹205 crore

Our Bureau Kolkata | Updated on October 28, 2021

Net interest income up by 15%, while provisions dipped by nearly 22%

Riding on the back of a higher growth in net interest income and lower provisions, UCO Bank registered nearly 583 per cent rise in net profit at ₹205 crore for the quarter ended September 30, 2021, compared with ₹30 crore in the same period last year.

Net interest income (NII) grew by 15 per cent to ₹1,598 crore during the quarter under review, against ₹1,394 crore same period last year.

Provisions during the quarter came down by nearly 22 per cent to ₹1,019 crore (₹1,301 crore).

UCO Bank sees ‘improved investor appetite’

Out of PCA framework

The bank had recently come out of the Prompt Corrective Action (PCA) measure of Reserve Bank of India following the compliance of norms by maintaining minimum regulatory capital, net NPA, and leverage ratio on an ongoing basis.

RBI takes UCO Bank out of PCA framework

The operating profit increased by 24 per cent at ₹1,334 crore (₹1,076 crore).

Gross non-performing asset (NPA) as a percentage of total advances declined to 8.98 per cent (11.62 per cent); while net NPA came down to 3.37 per cent (3.63 per cent).

Published on October 28, 2021

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