UCO Bank on Tuesday reported more than two-fold jump in profit at Rs 653 crore for the quarter ended December 2022, driven by increase in interest income and decline in bad loans.
Its net profit stood at Rs 310 crore in the same quarter of the preceding financial year.
Total income increased to Rs 5,451 crore in the quarter from Rs 4,638 crore in the year-ago period, the bank said in a regulatory filing.
At the same time, interest income rose to Rs 4,627 crore as compared to Rs 3,919 crore in the same quarter a year ago.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 5.63 per cent of gross advances as compared to 8 per cent at the end of the third quarter of 2021-22.
Net NPAs too eased to 1.66 per cent from 2.81 per cent in the same quarter a year ago.
As a result, provision for bad loans declined significantly to Rs 220 crore from Rs 565 crore in the same period a year ago.
However, the capital adequacy ratio declined to 14.32 per cent in December quarter as against 14.56 per cent.
During the quarter under review, the Reserve Bank imposed a penalty of Rs 88 lakh, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app