UCO Bank Profit Rises 581.91 Percent In September 2021 Quarter

New Delhi: The state-owned UCO Bank on Thursday reported a multi-fold jump in net profit as it rose by 581.91 percent to Rs 205.39 crore in the quarter ended September 2021.

In the year-ago period, the bank had reported a net profit of Rs 30 crore.

In a regulatory filing, the bank asserted that the total income in July-September 2021-22 rose to Rs 4,655.86 crore from Rs 4,327.13 crore in the year-ago period.

The bank also reported a 2.91 percent increase in total operating income at Rs 3719.79 crore in the quarter ended September 2021. A year ago, it had Rs 3614.62 crore total operating income.

Meanwhile, the operating profit too witnessed increased by 24 percent at Rs 1,334 crore as compared to previous quarter where it was Rs 1,076 crore.

According to data shared by UCO Bank on Thursday, the Net Interest Income (NII) also grew by 15 percent to Rs 1,598 crore during the quarter under review, against Rs 1,394 crore same periods last year.

However, the provisions during the quarter came down by nearly 22 percent to Rs 1,019 crore (Rs 1,301 crore).

Gross Non-Performing Asset (NPA) as a percentage of total advances declined to 8.98 per cent from 11.62 percent from the last period; while net NPA came down to 3.37 percent (3.63 percent).

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