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UCO Bank Q2 Results: Net profit declines 20% to ₹402 crore
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UCO Bank on Friday reported a 20 per cent decline in its net profit to ₹402 crore for the quarter ended September 2023. The bank had reported a net profit of ₹505 crore in the corresponding quarter a year ago.
Total income of the Kolkata-headquartered lender during the July-September period rose to ₹5,866 crore from ₹4,965 crore in the year-ago period, UCO Bank said in a regulatory filing. Interest income during Q2 FY24 rose to ₹5,219 crore as against ₹4,185 crore.
There was an improvement in the bank's asset quality as the gross NPAs dipped to 4.14 per cent of the gross advances as of end-September 2023 over 6.58 per cent in the previous fiscal. Net NPAs too came down to 1.11 per cent as compared to 1.99 per cent a year ago.
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