UCO Bank net profit jumps 50% to ₹603cr in 2nd quarter

TNN / Oct 21, 2024, 04:18 IST

Share

AA

Text Size

Small
Medium
Large

UCO Bank net profit jumps 50% to ₹603cr in 2nd quarter

Kolkata: PSU lender UCO Bank on Saturday reported around 50% year-on-year growth in net profit of Rs 602.7 crore for the second quarter this fiscal, backed by over 45 % rise in operating profit.
The Kolkata-based bank had registered Rs 401.6 crore net profit for the second quarter last fiscal. It posted Rs 550.9 crore net profit in the first quarter of the current financial year.
Speaking to the media, UCO Bank MD and CEO Ashwani Kumar said the increase in net interest income and non-interest income were the two main factors driving the growth in net profit.
The total recovery and upgradation during the period stood at Rs 1,017 crore as against Rs 656 crore during the corresponding period last fiscal. UCO Bank has so far recovered around 90% of “erroneous credits” that certain account-holders had received via Immediate Payment Service (IMPS) last year. “Actions are on to recover the rest of the money. Our endeavour is to recover the maximum this fiscal,” Kumar said.

Last Nov, certain accounts-holders of the bank had received around Rs 820 crore “erroneous credits” via IMPS.
UCO is also planning to tap capital markets to raise equity capital up to Rs 1,500-2,000 crore by way of QIP in one or more tranches. “We may go for it in the third quarter,” Kumar said.

We also published the following articles recently

UCO Bank posts 50% jump in net profit to Rs 603 crore in Q2
UCO Bank reported a 50% rise in net profit to Rs 603 crore for the September quarter, driven by better interest income. Total income rose to Rs 7,071 crore, with net interest income increasing to Rs 2,301 crore. The bank reduced its gross non-performing assets to 3.18% and expects continued credit growth and improved return on assets.

UCO Bank plans to raise Rs 2,000 crore via QIP in Q3
UCO Bank intends to raise up to Rs 2,000 crore through a share sale in the December quarter to meet SEBI's 25% minimum public shareholding norms. This move will decrease the government's stake in the bank slightly. The board and government have already approved the sale, and a roadshow will commence soon.

Bank of Maharashtra net profit rises 44.5%
Bank of Maharashtra posted a 44.5% rise in Q2FY25 net profit to Rs 1,327 crore, up from Rs 920 crore in Q2FY24, driven by higher net interest income and lower provisions. The bank's total business grew by 16.90%, with deposits and advances increasing significantly. MD & CEO Nidhu Saxena highlighted plans for continued above-industry growth.

End of Article

FOLLOW US ON SOCIAL MEDIA