UCO Bank Q2 results: Net profit increased 50% to ₹603 crore NII and 20% to ₹2,300 crore.
State-run UCO Bank reported outstanding performance in the second quarter ended September 30, 2024, with net profit increasing 50% year-on-year (YoY) to ₹603 crore. This is amp important rise compared to ₹402 crore inch the like stern go year
Important fiscal highlights:
net concern income (nii): the bank’s nii grew away 20% stretch ₹2300 crore leading from ₹1916 crore inch the like point go class. The difference between the bank’s loan income and depositor payments is shown in NII.
Non-Performing Assets (NPAs): UCO Bank showed strong improvement in asset quality. NPAs ranged from 318% astatine to 332% in June. Net NPA also dropped to 0.73% from 0.78% for the quarter. Inch arbitrary price egregious NPA was ₹6294 crore spell clear NPA stood astatine ₹1406 crore
net concern edge (nim): the bank’s nim better to 310% inch q2 fy25 leading from 284% amp class past. For the first half of FY25 NIM was 3.09% compared to 2.92% in the first half of FY24.
Company expansion:
Total trading value: As of September 30, 2024, UCO Bank had a total trading value of ₹473,040 trillion, up 13.56% from the previous year.
Gross advances and loan advances stood at Rs 1,979,270 crore, up 18% year-on-year.
Total Deposits: Deposits increased 10.57% to ₹275,777 crore.
Sector Effectiveness:
Retail Agriculture & MSME Advances: These sectors grew by 20.16% YoY to ₹108200 crore. retail loans surged 2936% husbandry loans grew away 1741% and msme loans colored away 1132%
capital sufficiency ratio (crar): the bank crar stood astatine amp sound 1684% with level one cap astatine 1459%
Other highlights:
credit to stick ratio: the trust according amp credit-to-deposit ratio of 7177% arsenic of sept cardinal 2024
business per employee: uco bank line per employee hyperbolic to ₹2210 crore compared to ₹1906 crore go year
Retail and husbandry loans:
retail loans: uco bank retail advances strike ₹47039 crore mark amp 2936% gain determined away house and vehicle loans. Home loans grew by 18.98% and vehicle loans surged by 38.66% YoY.
Agriculture Loans:
Agricultural advances rose 17.41% YoY to ₹26987 crore.
On October 18 UCO Bank stock closed at ₹45.65 up by 1.22% on the BSE.