UCO Bank rises as total advances jumps 16% YoY in Q4

UCO Bank added 1.52% to Rs 56.64 after the bank reported 15.92% rise in total advances to Rs 1.87 lakh crore as on 31 March 2024 as against Rs 1.62 lakh crore recorded as on 31 March 2023.

On quarter on quarter (QoQ) basis, the advances grew by 4.47% in Q4 FY24 from Rs 1.79 lakh crore as on 31 December 2023.

During the quarter, total business stood at Rs 4.50 lakh crore (up 9.62% YoY and up 3.45% QoQ) while total deposit was at Rs 2.63 lakh crore (up 5.53% YoY and up 2.73% QoQ).

Domestic advances jumped 16.62% to Rs 1.63 lakh crore as on 31 March 2024 from Rs 1.39 lakh crore as on 31 March 2023 and 5.84% rise from Rs 1.54 lakh crore as on 31 December 2023.

Domestic deposit was at Rs 2.50 lakh crore as on 31 March 2024, registering a growth of 3.83% YoY and 1.21% QoQ.

Domestic CASA deposit came in at Rs 0.98 lakh crore during the period under review (up 7.76% YoY and up 7.69% QoQ).

CASA ratio improved to 39.25% as on 31 March 2024 as compared to 37.82% as of 31 March 2023 and 37.61% as on 31 December 2023.

Credit-Deposit (CD) ratio increased to 71.20% as on 31 March 2024 as against 64.82% as of 31 March 2023 and 69.93% as on 31 December 2023.

UCO Bank is engaged in providing wide range of banking and financial services including retail banking, corporate banking and treasury operations.

The banks standalone net profit declined 23% to Rs 502.83 crore despite of 17.7% increase in total income to Rs 6,412.71 crore in Q3 FY24 over Q3 FY23.

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