UCO Bank's Profit Surges by 50% in Q2

UCO Bank reported a 50% increase in net profit, reaching Rs 603 crore for the second quarter. The operating profit stood at Rs 1,432 crore, marking a 45.82% growth. The bank's business showed a 13.56% year-on-year increase, with improvements in gross and net NPAs.

State-run UCO Bank announced a remarkable 50% surge in its net profit, totaling Rs 603 crore at the conclusion of the second quarter of the current fiscal year.

The Kolkata-based financial institution, which recorded Rs 402 crore in the same period last year, attributed the significant increase to improved operational efficiencies. The operating profit reached Rs 1,432 crore, a 45.82% year-on-year growth.

UCO Bank's business at the end of the second quarter expanded to Rs 4,73,704 crore, demonstrating a 13.56% rise from the previous year, with gross advances noted at Rs 1,97,927 crore and deposits at Rs 2,75,777 crore. Notably, the bank saw a reduction in gross NPA by 96 basis points to 3.18%, and net NPA decreased by 38 basis points to 0.73% year-on-year.

(With inputs from agencies.)