UCO Bank’s net interest income during the year stood at Rs 7,343.13 crore, the highest ever for the bank.
UCO Bank posts highest ever annual net profit of Rs 1,862.34 crore in 2022-23
State-owned UCO Bank on Tuesday reported an 86.2 per cent rise in net profit to Rs 581.24 crore for the March 2023 quarter due to reduction in bad loans. The bank registered a profit of Rs 312.18 crore in the January-March quarter of 2021-22.
UCO Bank has reported its highest ever annual net profit of Rs 1,862.34 crore in 2022-23 as against Rs 929.76 crore in the previous fiscal, registering a year-on-year growth of nearly 100 per cent, the Kolkata-headquartered lender said in a stock… said in the exchange filing.
The Net Interest Income (NII) of Rs 7,343.13 crore during the year was also the highest ever for the Bank.
The bank’s gross non-performing assets (NPAs) declined to 4.78 per cent in the fourth quarter from 7.89 per cent a year ago. Similarly, the net NPA also declined from 2.7 per cent to 1.29 per cent in the January-March 2022-23 quarter.
UCO Bank’s capital adequacy ratio stood at 16.51 per cent at March-end 2023, an increase of 277 basis points from 13.74 per cent a year ago.
read all latest business news, tax news And stock market update Here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
