What sparked 6% jump in UCO Bank share price on October 21?

UCO Bank shares jumped after the company reported healthy Q2FY25 results. The bank's net profit jumped 50 per cent year-on-year (Y-o-Y) to Rs 602.7 cr in Q2FY25, from Rs 401.7 crore in Q2FY24

UCO Bank share price: Government-owned lender UCO Bank shares were buzzing in trade on Monday, October 21, 2024. UCO Bank shares gained up to 6.02 per cent to hit an intraday high of Rs 48.40 per share. 

UCO Bank shares jumped after the company reported healthy Q2FY25 results. The bank’s net profit jumped 50 per cent year-on-year (Y-o-Y) to Rs 602.7 crore in the September quarter of financial year 2025 (Q2FY25), from Rs 401.7 crore in the September quarter of financial year 2024 (Q2FY24).

The net interest income (NII), which is the difference between the interest earned and interest expended, jumped 20 per cent annually to Rs 2,300.4 crore, as opposed to Rs 1,916.5 crore in the same quarter a year ago (Q2FY24).

The bank’s Net Interest Margin(NIM) for the September quarter of FY25 stood at 3.10 per cent, as against 2.84 per cent for the same period in the preceding year (Q2FY24). 

UCO Bank asset quality
 

In terms of asset quality, the state-owned lender’s gross non performing assets (GNPA) improved quarter-on-quarter (Q-o-Q) to 3.18 per cent in the September quarter of FY25, from 3.32 per cent in the June quarter of FY25 (Q1FY25). 

The net non performing assets (NNPA) improved to 0.73 per cent in Q2FY25, from 0.78 per cent in Q1FY25.

In absolute terms, GNPA came in at Rs 6,293.86 crore in the Q2FY25, from Rs 6,420.12 crore in Q1FY25. Net NPA improved to Rs 1,406.44 crore in the September quarter of FY25, from Rs 1,473.42 crore in the June quarter of FY25. 

About UCO Bank

UCO Bank is a state-owned bank based out of East India. The bank has a network of 3,247 domestic branches and 2 overseas branches each at Hong kong and Singapore Centre and 1 Representative office in Iran. 

Of the total branches, Bank has 61.60  per cent i.e. 2,000 branches in rural & semi-urban areas. 

The bank also boasts 2,472 ATMs and 10,203 BC Points making the total number of 15,925 touch points as on September 30, 2024. 

The market capitalisation of UCO Bank is Rs55,989.75 crore, according to BSE. The company falls under the BSE200 category.

The 52-week range of UCO Bank share is Rs 34.71-70.66.

At 12:05 PM, UCO Bank shares were trading 2.37 per cent higher at Rs 46.73 per share. In comparison, BSE Sensex was trading 0.29 per cent lower at 80,987.30 levels.