UCO Bank's Impressive Q3: Profit Soars by 27%

UCO Bank reported a 27% rise in net profit for Q3 ending December 2024, driven by interest and non-interest income growth. Total income and operating profit increased significantly. The bank improved its asset quality and aims for loan and deposit growth in the current fiscal.

State-owned UCO Bank has demonstrated robust financial performance, reporting a remarkable 27% surge in net profit amounting to Rs 639 crore for the third quarter concluding December 2024. This growth is attributed to increases in both interest and non-interest income.

During the same period last year, the Kolkata-based bank recorded a net profit of Rs 503 crore. Meanwhile, the bank's operating profit climbed to Rs 1,586 crore from Rs 1,119 crore in the December 2023 quarter.

Notably, the total income rose to Rs 7,406 crore, up from Rs 6,413 crore a year ago. Additionally, UCO Bank's interest income increased to Rs 6,220 crore from Rs 5,552 crore in the previous year.

(With inputs from agencies.)