 "UCO Bank Q4 net profit rises 86% to Rs 581.24 cr, NPA down to 4.78%")
UCO Bank posted the highest-ever net profit of Rs 1,862.34 crore in the year ended March 31, 2023. The profit is up 100.30 per cent compared with last year's profit of Rs 929.76 crore. The bank posted a jump of 86.18 per cent in its net profit for the quarter ending March 31, 2023 to Rs 581.24 crore from Rs 312.18 crore in the same quarter last year.
The bank posted the highest-ever Net Interest Income (NII) of Rs 7,343.13 crore in FY23. This is up 13.44 per cent when compared to Rs 6,472.95 crore in FY22.
The loan book of UCO Bank also reached its highest-ever level of Rs 11.6 trillion against a loan book of Rs 12.9 trillion in FY22. This marks a growth of 24.54 per cent year-on-year (YoY).
The global business of the bank touched Rs 4.1 trillion as on March 31, 2023 registering a YoY growth of more than 16 per cent.
On the asset quality front, gross non-performing assets (GNPAs) of the bank fell to 4.78 per cent as on March 31, 2023 as against 7.89 per cent in FY22. Net NPA also went down by 141 basis points from 2.70 per cent to 1.29 per cent as on March 31, 2023.