Despite 73% higher provisions, state-owned UCO Bank reported a 27% year-over-year increase in net profit for the December 2024 quarter, coming in at Rs 639 crore as opposed to Rs 503 crore in the same period last year.
At Rs 1,586 crore, operating profit was 42% higher than at Rs 1,119 crore. During the quarter, the bank made a provision of Rs 590 crore, compared to Rs 342 crore during the same period last year.
Also Read - Quarterly Results of all banks for Q3FY25
For the quarter, the bank's net interest margin was 3.17%, which was 33 basis points more than it was a year earlier. At Rs 2378 crore, net interest income increased by around 20%.
"We would like to maintain NIM around 3%-3.10% level,' managing director Ashwani Kumar said.
Its asset quality further improved with gross non-performing assets ratio falling to 2.91% at the end of review period from 3.85% a year back. Net NPA stood at 0.63% against 0.98%. Provision coverage ratio stood at 96%.
Uco's gross advances grew 16.44% year-on-year to Rs.2.09 lakh crore while total deposits expanded by 9.36% to Rs 2.80 lakh crore. Its credit-deposit ratio rose to 74.45% from 64.83% in March 2023.
No comments:
Post a Comment