UCO Bank reports nearly 16% jump in Q3 net profit at ₹739 cr, NPAs improve

UCO Bank on Saturday reported a 15.76 per cent on-year increase in net profit for the quarter ended December to ₹739.51 crore, compared to ₹638.83 crore in the corresponding period a year ago.

The lender's total income for the quarter under review grew to ₹7,521.16 crore, up from ₹7,405.89 crore in the year-ago period. Interest earned rose to ₹6,651.84 crore as against ₹6,219.96 crore, it said in an exchange filing.

The Kolkata-headquartered bank's operating profit rose by 5.96 per cent to ₹1,680.24 crore in October-December, compared to ₹1,585.69 crore in the year-ago period.

Provisions and contingencies lowered to ₹525.12 crore in the quarter to December, down from ₹589.51 crore, it said.

 

On the asset quality front, UCO Bank showed significant improvement, with gross non-performing assets (NPA) declining to 2.41 per cent as of December 31 from 2.91 per cent a year ago. Gross NPAs stood at ₹5,867.25 crore compared to ₹6,081.55 crore in the corresponding period a year earlier.

Net NPAs also improved, falling to 0.36 per cent (Rs 852.55 crore) from 0.63 per cent (Rs 1,283.13 crore).

The bank's capital adequacy ratio stood at 17.43 per cent as of December 31, an improvement from 16.25 per cent reported in the corresponding period of the previous year.