UCO Bank Q2FY24 net profit falls 20% YoY to Rs 401.67 cr; NII stands at Rs 5,219 cr
Kolkata: UCO Bank on Friday reported a 20.3 percent fall in its net profit in the September quarter to Rs 401.67 crore as compared to Rs 504.52 crore in the same quarter last year.
The state-owned bank reported a net profit of Rs 505 crore in the corresponding quarter a year ago.
However, on a sequential basis Rs 223.48 crore, the net profit was up 79.9 per cent.
The net interest income during Q2 FY24 rose to Rs 5,219 crore as against Rs 4,185 crore.
The bank's gross non-performing assets (NPAs) declined to 4.14 percent in the quarter as compared to 4.48 per cent the previous quarter.
The bank's total business witnessed an impressive growth of 10.56 percent year-on-year (YoY), reaching Rs. 4,17,145 crore in Q2FY24, compared to Rs. 3,77,305 crore in the corresponding period of the previous year.
Total deposits also saw a significant uptick, rising by 6.07 percent YoY, totalling Rs. 2,49,411 crore as of September end, up from Rs. 2,35,149 crore in Q2FY22.
The bank's gross advances recorded substantial growth, surging by 17.99 percent YoY to Rs. 1,67,734 crore in Q2 2023, in contrast to Rs. 1,42,156 crore in the year-ago period.
Agricultural advances demonstrated a commendable performance, standing at Rs. 22,985 crore in the September quarter of FY24, showcasing a 14.32 percent YoY growth from Rs. 20,105 crore in the corresponding period last year.
Advances to the MSME sector also showed impressive growth, reaching Rs. 30,699 , compared to Rs. 25,406 crore on 30th September 2022, marking a substantial 20.83 percent YoY increase.
The bank's business per employee metric witnessed an improvement, standing at Rs. 19.06 crore during Q2FY24, up from Rs. 17.12 crore for the same period in the preceding year.
Furthermore, UCO Bank reported an operating profit of Rs. 2,184 crore for the half-year ended 30th September 2023, displaying a robust growth of 34.03 percent YoY, compared to Rs. 1,630 crore for the half-year ended 30th September 2022.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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