UCO Bank's Remarkable Financial Growth

In an impressive display of financial resilience and growth, UCO Bank has announced a significant 27.1% increase in its net profit for the third quarter of the 2024-25 financial year, reaching Rs 638.83 crore. This marks a substantial rise from the Rs 502.83 crore profit recorded in the same period last year.

Income and Interest Growth

The bank's total income saw a robust growth of 15.5%, amounting to Rs 7,405.89 crore for the October-December quarter, compared to Rs 6,412.71 crore in the corresponding period of the previous fiscal year. Interest income also experienced a notable increase, climbing to Rs 6,219.96 crore from Rs 5,551.89 crore last year, driven by higher advances and improved yields.

Nine-Month Financial Overview

For the nine months ending 31 December 2024, UCO Bank reported a 58.9% rise in net profit to Rs 1,792.53 crore, compared to Rs 1,127.97 crore in the same period the previous year. Total income during this period increased by 17.6% to Rs 21,33,674 crore, up from Rs 18,13,526 crore a year ago.

Improvement in Asset Quality

The bank's asset quality showed marked improvement, with the gross non-performing asset (NPA) ratio falling to 2.91% as of 31 December 2024, down from 3.78% a year earlier. The provision coverage ratio (PCR) also showed a slight rise to 96.16% from 95.21% in the same period last year.