UCO Bank Q2 net profit rises 50% to Rs 603 crore

Kolkata: State-run UCO Bank on Saturday posted a 50 per cent jump in its net profit to Rs 603 crore at the end of the second quarter of the current fiscal.

The Kolkata-headquartered lender had recorded Rs 402 crore in the year-ago period.

A statement by the bank said the operating profit at the end of the July-September period touched Rs 1,432 crore, registering a growth of 45.82 per cent year-on-year.

Business of the bank at the end of the second quarter of the current fiscal stood at Rs 4,73,704 crore, showing an increase of 13.56 per cent year-on-year, with gross advances at Rs 1,97,927 crore, and deposits at Rs 2,75,777 crore.

The gross NPA of the bank reduced by 96 basis points year-on-year to 3.18 per cent, while the net NPA was also down by 38 basis points to 0.73 per cent year-on-year.

The capital adequacy ratio stood at 16.84 per cent at the end of the second quarter, while the credit-deposit ratio was at 71.77 per cent.

The net interest margin (NIM) of the bank at the end of the three-month period stood at 3.10 per cent, as against 2.84 per cent for the same period in the preceding year.