UCO Bank Reports 50% Surge in Q2 Net Profit to Rs. 603 Crore, Strengthens Asset Quality and Business Growth

UCO Bank’s Q2 results show impressive growth across various metrics. Here’s a summary of the key highlights:

• Net Profit: Rs. 603 crore, up 50% YoY from Rs. 402 crore.
• Half-Year Profit: Rs. 1154 crore, an 84.64% increase YoY.
• Net Interest Income (NII): Rs. 2301 crore for Q2FY25, up 20.03% YoY; Rs. 4555 crore for the half-year, up 16.02% YoY.
• Net Interest Margin (NIM): 3.10% for Q2, compared to 2.84% the previous year; 3.09% for the half-year, up from 2.92%.
• Operating Profit: Rs. 1432 crore for Q2, a 45.82% increase YoY; Rs. 2753 crore for the half-year, up 26.05%.
• Total Business: Increased by 13.56% YoY to Rs. 473704 crore.
• Total Deposits: Up 10.57% YoY to Rs. 275777 crore.
• Gross Advances: Grew 18% YoY to Rs. 197927 crore.
• Retail, Agri & MSME Business: Rs. 108200 crore, a 20.16% YoY increase.
• Net NPA: Improved to 0.73% from 1.11% YoY.
• Gross NPA: Reduced to 3.18% from 4.14% YoY.
• Provision Coverage Ratio: 95.92%.
• Branch Network: 3247 domestic branches, 2 international branches, and significant rural representation.

Overall, UCO Bank has shown strong financial performance, particularly in profitability and asset quality.

Disclaimer: The information provided in this summary is for informational purposes only and should not be construed as financial advice. All financial data and performance metrics are based on UCO Bank’s Q2 results for the period ending September 30, 2024, and may be subject to change. Readers are encouraged to conduct their own research and consult with a financial advisor before making any investment decisions. The sources referenced are deemed reliable but are not guaranteed for accuracy.