The net profit of UCO Bank during the third quarter (Q3) of the current fiscal increased 775 per cent at Rs 310.4 crore against Rs 35.44 crore in the previous similar period, an official of the lender said on Monday.
The operating profit of the PSU bank is Rs 1340 crore in the third quarter, registering a rise of 21.9 per cent year-on-year (Y-o-Y), MD & CEO of UCO Bank Soma Sankara Prasad told a virtual press conference.
The net interest income of the bank during the quarter registered a rise of 25.26 per cent y-o-y at Rs 1762.6 crore.
Prasad said that the Kolkata-headquartered bank has done well in all efficiency parameters.
The net interest margin of the bank stood at 3.03 per cent at the global level and 3.14 per cent at the domestic level, he said.
The GNPA of the bank declined to eight per cent in the current period against 9.8 per cent in the previous similar period, whilePA fell 2.81 per cent to 2.81 per cent.
Provision coverage ratio of the bank stood at 91.3 per cent, he said adding that the bank is adequately capitalised.
The capital adequacy ratio at the end of 2021 stood at 14.56 per cent against the stipulated requirement of 11.5 per cent, Prasad said.
He said that all the efficiency parameters show that the bank is poised for growth in future. According to him, the business has to grow in terms of deposits and advances.
Recovery is expected in some of the written-off accounts, he said adding that the bank is looking at a deposit growth of nine to 10 per cent in the coming fiscal and advances growth of 10 to 12 per cent.
About the resolution status of SREI, referred to NCLAT and where the bank has substantial exposure, Prasad said the amount has been fully provided for and he hopes for a quick realisation.
Certain MSME, retail and agriculture accounts are under stress, he said.
The total business of the bank at the end of third quarter stood at Rs 3,44,321 crore registering a growth of 7.86 per cent.
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