UCO Bank Q4 profit falls 10% to Rs 526 cr

New Delhi: State-owned UCO Bank on Monday reported a 10 per cent decline in its net profit to Rs 526 crore during the fourth quarter ended March 2024.

The bank had earned a net profit of Rs 581 crore in the year-ago period.

During the quarter, the bank's total income increased to Rs 6,945 crore as against Rs 5,947 crore a year ago, UCO Bank said in a regulatory filing.

Interest income grew to Rs 5,860 crore during the period under review, from Rs 4,987 crore in the corresponding quarter a year ago.

After a gap of nine years, the bank has recommended declaring dividend of 2.80 per cent on face value of Rs 10 that is 28 paisa per share.

On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) were reduced to 3.46 per cent of gross advances as of March 31, 2024, from 4.78 per cent by the end of March 2023.

Net NPAs also came down to 0.89 per cent of the advances from 1.29 per cent at the end of 2024.

The Capital Adequacy Ratio (CRAR) improved to 16.98 per cent as compared to 16.51 per cent on March 31, 2023, with Tier-1 ratio of 14.54 per cent as on March 31, 2024.