UCO Bank Q4 net profit witnesses 3-fold jump 1

New Delhi: State-owned UCO Bank on Friday posted an over three-fold jump in net profit at Rs 312.18 crore for the quarter ended March 2022. The bank also witnessed a fall in bad loans and lowered the provisioning requirement.

In its regulatory filing, the total income of the lender during the fourth quarter of 2021-22 was down at Rs 4,362 crore, as against Rs 4,637 crore in the year-ago period. However, for the full fiscal FY22, the bank's net profit grew more than five times to Rs 930 crore as compared to Rs 167 crore in FY21.

Total income during the year was Rs 18,082 crore, up from Rs 17,870 crore in the preceding fiscal. UCO bank has also managed to bring down the portion of its bad assets as the gross non-performing assets (NPAs) slide to 7.89 per cent by end of March 2022, as compared to 9.59 percent by end of March 2021. In terms of value, the gross NPAs fell to Rs 10,237 crore from Rs 11,352 crore.

The overall net NPAs came down at 2.70 per cent (Rs 3,316 crore) from 3.94 per cent (Rs 4,390 crore), stated a press release.

Also read: 'Pressure from Reserve Bank of India forced us to halt crypto trading in India'

Also watch: