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UCO Bank Q3 net profit surges 27% to ₹640 crore, gross NPA shrinks to 2.91%
2 min read | Updated on January 21, 2025, 19:31 IST
SUMMARY
UCO Bank on Tuesday declared a 19.06% rise in its NII to ₹2,377 crore and a 15.49% increase in its total income in Q3 FY25. The bank's shares closed in the red at ₹44.06, down 1.12% after the result was announced.
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UCO Bank’s net interest margin (NIM) for the quarter was at 3.17% as against 2.84% for the same period in the preceding year
In the year-ago period, its net profit stood at ₹505.23 crore.
Its total income stood at ₹7,405.89 crore, up 15.49% from ₹6,412.71 crore in Q3 FY24. Moreover, its net interest income (NII) grew 19.06% to ₹2,377 crore from ₹1,988 crore a year ago, driven by higher advances and improved yields.
UCO Bank’s net interest margin (NIM) for the quarter was at 3.17% as against 2.84% for the same period in the preceding year.
Asset quality
The bank's asset quality improved as its gross NPA (non-performing assets) ratio contracted by 94 bps to 2.91%, compared to 3.85% in the corresponding period last year.
Its net NPA stood at 0.63%, jumping 35 bps from 0.98% in the quarter that ended December 31, 2023.
The provision coverage ratio (PCR) strengthened to 96.16% during the same period in contrast to 95.21% a year ago.
Earnings for 9M FY25
For the nine months ended December 31, 2024, UCO Bank reported a 58.9% surge in net profit to ₹1,792.53 crore, compared to ₹1,127.97 in 9M FY24.
The bank’s total income, during the nine months, rose 17.6% to ₹21,33,674 crore from ₹18,13,526 crore in the corresponding period last year, the lender said.
The bank’s NIM or the nine-month ended in December 2024, was at 3.12% as against 2.88%.
UCO Bank branch network
The bank had a network of 3,263 domestic branches and two overseas branches in Hong Kong and Singapore as of December 31, 2024. Additionally, it also has a representative office in Iran.
UCO has 2,010 bank branches in rural and semi-urban areas, which make up 61% of the total branches. It also has 2,478 ATMs and 10,563 Business Correspondent (BC) points.
Stock reaction
The shares of UCO bank closed in the red at ₹44.06, down 1.12% on the National Stock Exchange on Tuesday, January 21.
The scrip gained 5.18% in the past five days and 1.12% in the last month. However, the stock lost 21.43% in the previous six months. It has surged 5.53% on a one-year basis.
The bank had a market capitalisation of ₹53,180.10 crore as of January 21, 2025, according to the NSE.
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