UCO Bank Shines with 27% Surge in Quarterly Profits

UCO Bank has reported a substantial 27.1% increase in net profit for its third quarter, hitting Rs 638.83 crore. The bank's income also rose by 15.5% to Rs 7,405.89 crore, boosted by higher advances and improved yields. Asset quality improved, marked by a declining NPA ratio.

In a strong financial performance, state-run UCO Bank announced a 27.1% rise in its net profit for the third quarter, reaching Rs 638.83 crore. This marks a significant improvement compared to the Rs 502.83 crore profit posted in the corresponding quarter last year.

The bank's total income grew impressively by 15.5%, amounting to Rs 7,405.89 crore in the October-December period of FY'25, compared to Rs 6,412.71 crore in the same period last year. This growth was primarily driven by an increase in interest earnings, which rose to Rs 6,219.96 crore, spurred by higher advances and improved yields.

For the nine months ending December 31, 2024, UCO Bank recorded a robust 58.9% increase in net profit to Rs 1,792.53 crore. The period also saw an improvement in asset quality, with the gross NPA ratio declining to 2.91% and the provision coverage ratio strengthening to 96.16%.

(With inputs from agencies.)