Uco Bank net profit up 86 per cent to Rs 581 crore on improvement in asset quality

MUMBAI:  Public sector Uco Bank on Tuesday reported an 86.2% rise in net profit to Rs 581.24 crore for the fourth quarter of FY23 on the back of improvement in asset quality. The bank posted a Rs 312.18 crore net profit in the a year ago period.

Total income of the bank rose 36% to Rs 5,946.94 crore during the quarter from Rs 4,361.63 crore a year ago. Uco Bank has reported its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100% year-on-year growth, according to the Kolkata headquartered lender.

The net interest income at Rs 7,343.13 crore during the year too was the bank’s highest ever. The bank’s gross non-performing assets (NPA) in the fourth quarter declined to 4.78 per cent from 7.89 per cent a year ago. Similarly, the net NPA too declined to 1.29 per cent in Q4FY23  from 2.7%.

Titan net profit rises 40% to Rs 736 crore
NEW DELHI: Tata group firm Titan Company on Wednesday reported a 40% increase in consolidated net profit at Rs 736 crore for the fourth quarter ending March 2023.The company had posted a consolidated net profit of Rs 527 crore in the year-ago period, Titan Company Ltd said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 10,474 crore as compared to Rs 7,872 crore in the year-ago period, it added. Total expenses were higher at Rs 9,486 crore, from Rs 7,165 crore in Q4FY23, the company said. During the quarter, jewellery segment had a total income of Rs 7,576 crore, up 24%, compared to Q4FY22.