State-owned UCO Bank on Wednesday reported 23% decline in net profit at ₹503 crore for December quarter 2023-24. The Kolkata-based lender had logged a net profit of ₹653 crore in the same quarter a year ago.
Operating profit was almost flat at ₹1,119 crore as against ₹1,354 crore in December 2022 quarter. Total income increased to ₹6,413 crore from ₹5,451 crore in the same period last year, UCO Bank said in a regulatory filing.
Interest income also rose to ₹5,552 crore over ₹4,627 crore. On the asset quality front, the bank’s gross Non-Performing Assets (NPAs) declined to 3.85% of gross loans by the end of December 2023 from 5.63% a year ago.
Similarly, net NPAs or bad loans came down to 0.98% as compared to 1.66% in 2022. As a result, provisions for bad loans declined to ₹116 crore from ₹220 crore a year ago.
The capital adequacy ratio rose to 16.01% from 14.32% at the end of December quarter FY22.
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