UCO Bank Q1FY25: Net profit jumps 147.09% YoY to Rs 551 cr; NII grows 12% YoY to Rs 2,254 cr
Kolkata: UCO Bank Monday reported 147.09% y-o-y growth in net profit to Rs 551 crore in the first quarter of FY25, compared to Rs 223 crore in the same period last year.
The bank’s operating profit increased by 9.81% y-o-y to Rs 1,321 crore.
Total business grew 11.46% year-on-year (y-o-y) to Rs 461,408 crore, with gross advances increasing by 17.64% y-o-y to Rs 193,253 crore and total deposits rising by 7.39% y-o-y to Rs 268,155 crore.
In the Retail, Agriculture, and MSME (RAM) sectors, UCO Bank saw an 18.65% y-o-y growth to Rs 101,986 crore.
Retail advances grew by 21.84% y-o-y to Rs 42,985 crore, agriculture advances increased by 19.64% y-o-y to Rs 25,950 crore, and MSME advances rose by 14.04% y-o-y to Rs 33,051 crore.
The bank also achieved significant improvements in asset quality, with gross non-performing assets (NPA) reducing by 116 basis points (bps) y-o-y to 3.32% and net NPA decreasing by 40 bps y-o-y to 0.78%.
The provision coverage ratio improved to 95.76%, up by 88 bps y-o-y.
Capital adequacy also showed positive trends, with the Capital Adequacy Ratio (CRAR) improving by 24 bps y-o-y to 17.09%, and the Tier I capital ratio increasing by 59 bps y-o-y to 14.75%.
The credit to deposit ratio registered an improvement of 636 bps y-o-y to 72.07%.
Net Interest Income (NII) grew by 12.20% y-o-y to Rs 2,254 crore, and business per employee improved to Rs 21.65 crore from Rs 18.89 crore in the same period last year.
UCO Bank continues to expand its network, with 3,230 domestic branches, 2 overseas branches in Hong Kong and Singapore, and 1 representative office in Iran.
The bank operates 2,477 ATMs and 9,885 Business Correspondent (BC) Points, totaling 15,595 touch points.
UCO Bank's impressive performance in Q1FY25 reflects its continued commitment to growth, improved profitability, and enhanced service delivery across its business segments.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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