The public-sector UCO Bank reported on Tuesday an 86.2% rise in net profit to Rs 581.24 crore for the March 2023 quarter on the back of a reduction in bad loans.
The bank reported a profit of Rs 312.18 crore in the January-March quarter of 2021–22.
UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022–23 against Rs 929.76 crore in the preceding fiscal, registering nearly 100% year-on-year growth, the Kolkata-headquartered lender said in a stock exchange filing.
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The net interest income (NII) of Rs 7,343.13 crore during the year was the bank's highest ever.
The bank's gross non-performing assets (NPA) in the fourth quarter declined to 4.78% from 7.89% a year ago.
Similarly, the net NPA too declined to 1.29% in the January–March 2022–23 quarter from 2.7%.
UCO Bank's capital adequacy ratio of 16.51% at March-end 2023 increased by 277 basis points from 13.74% a year ago.
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