Uco Bank net up 10% to Rs 607 crore
Public sector Uco Bank has reported a 10% growth in net profit for the June quarter at Rs 607 crore boosted by better asset quality and interest income.
In a statement the Kolkata-based bank said Monday the key net interest income improved to Rs 6,436 crore from compared to Rs 6,024 crore in the June quarter FY25, of while other interest income rose nearly 7% to Rs 2,403 crore, taking the total income to Rs 7,433 crore, up from Rs 6,859 crore while
On the asset quality front, the bank saw slight improvement with gross non-performing assets dropping to 2.63% from 2.69%, while the net non-performing assets ratio also improved to 0.45 from 0.50, pointing to a strengthening in the overall financial health of the bank.
Provisions for bad loans declined to Rs 616 crore from Rs 663 crore on year but higher than the sequential Rs 463 crore in the March quarter. Provision coverage ratio improved to 96.88 from 95.76.
Capital adequacy ratio rose to 18.39 from 17.09 in the same quarter of FY25.
Advances rose to Rs 2.25 trillion, showing a 16.6% increase and a 2.3% rise sequentially. Of this, domestic advances advanced 19.8% on a yearly basis and 2.6% quarter-on-quarter to Rs 2 trillion, indicating robust credit demand in the domestic market.
Total deposits grew 11.6% on-year and 1.7% on-quarter to Rs 2.99 trillion of which domestic deposits were at Rs 2.80 trillion, up 9.8% on-year and 1.5% quarter-on-quarter.
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