UCO Bank posts highest ever annual net profit of Rs 1862.34 cr for FY23
Mumbai/IBNS: Public sector lender UCO Bank on Tuesday posted the highest ever annual net profit of Rs 1862.34 crore for the year FY23, a y-o-y growth of 100.30% against Rs 929.76 crore for FY22.
The bank said its global business touched Rs 4,10,967.19 crore as on March 31, 2023 as against Rs 3,53,850.24 crore as on 31.03.2022 registering y-o-y growth of 16.14%. This is again the highest ever in the history of the Bank.
Global Deposits scaled to the highest level of Rs.2,49,337.74 crore as on 31.03.2023 as against Rs. 2,24,072.90 crore as on 31.03.2022 registering y-o-y growth of 11.28%.
UCO Banks’s Loan Book stood at Rs.1,61,629.45 crore as on 31.03.2023 as against Rs. 1,29,777.34Crore as on 31.03.2022 registering a robust y-o-y growth of 24.54%.
Net Interest Income (NII) for FY23 increased to Rs 7,343.13 crore as against Rs. 6472.95 crore for FY22, registering y-o-y growth of 13.44% fuelled by healthy growth in loan book and improved yield on advances.
Net Interest Margin (NIM) for FY23 stood at 2.87% from 2.81% for FY22 showing steady improvement.
On Asset Quality front, Gross NPA reduced to Rs.7,726.46Crore (4.78%) as on 31.03.2023 as against Rs.10,237.43 crore (7.89%) as on 31.03.2022 and from Rs.8506.08 crore (5.63%) as on 31.12.2022.
Net NPA reduced to Rs.2,018.02 crore (1.29%) as on 31.03.2023 from Rs.3,315.78 crore (2.70%) as on 31.03.2022 and from Rs.2,406.90 crore (1.66%) as on 31.12.2022.
Provision Coverage Ratio increased to 94.50% as on 31.03.2023 from 91.44% as on 31.03.2022 and from 93.58% as on 31.12.2022.
Capital Adequacy Ratio improved to 16.51% as on 31.03.2023 from 13.74% as on 31.03.2022 and Tier-1 Ratio at 13.96% as on 31.03.2023 from 10.97% as on 31.03.2022.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
UK: Manchester synagogue attack leaves 2 dead, suspect identified as British citizen of Syrian descent Jihad Al-Shamie
Zubeen Garg death case: Assam Police arrest bandmate, co-singer
With heavy hearts, devotees bid farewell to Goddess Durga across Northeast
13, including 10 children, die in two separate Durga idol immersion tragedies in Madhya Pradesh
