Comments
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).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.