UCO Bank Q3 PAT up 27% to ₹639 crore
The Hindu
UCO Bank reports strong financial performance in Q3 with significant growth in net profit, reduced NPAs, and increased advances.
UCO Bank for the third quarter ended December 31 reported 27.04% growth in net profit at ₹639 crore as against ₹503 crore for the same period last year.
Operating Profit for the quarter at ₹1,586 crore 41.73% Year on Year (YoY).
The bank’s Gross NPA reduced by 94 bps YoY to 2.91 % as on December 31, 2024 whereas Net NPA reduced by 35 bps YoY to 0.63 % as on December 31, 2024.
Capital Adequacy Ratio (CRAR) stood at 16.25% at the end of the December quarter with Tier I Capital Ratio of 14.17% and Credit to Deposit Ratio stood at 74.45%.
Advances in Retail, Agriculture & MSME (RAM) Sectors increased by 22.01 % to ₹1,14,350 crore YoY backed by 31.01% YoY growth in Retail advances, 20.04% YoY growth in Agriculture advances and 12.75 % YoY growth in MSME advances.
Total business of the bank stood at ₹4,88,911 crore at the end of the quarter showing an increase of 12.28% YoY, wherein Gross Advances increased by 16.44% YoY to ₹2,08,655 crore and total deposits grew by 9.36% YoY to ₹2,80,256 crore, the bank said in a filing with exchanges.
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