UCO Bank on Monday posted Q1FY25 profit at Rs 550.96 crore, recording a jump of 146.5 per cent on-year in comparison to Rs 223.48 crore during the first quarter of FY24. Total interest earned during the quarter was at Rs 6023.99 crore. The Bank posted Net Interest Income (NII) for Q1 at Rs 2254 crore, up 12.20 per cent on YoY basis as against Rs 2009 crore for the same period of preceding year.
The lender recorded a business growth of 11.46 per cent YoY to Rs 4,61,408 crore, wherein gross advances increased by 17.64 per cent. Total deposits, meanwhile, grew by 7.39 per cent on-year to Rs 2,68,155 crore.
UCO Bank’s gross advances recorded a growth of 17.64 per cent on-year to Rs 1,93,253 crore. Retail advances by the bank stood at Rs 42,985 crore during the quarter, up 21.84 per cent on-year. This, it added, was fueled by home loan and vehicle loan portfolio which registered a growth of 20.37 per cent and 33.33 per cent respectively.
The lender said that business per employee improved to Rs 21.65 crore during Q1FY25 as against Rs 18. 89 crore for the same period of preceding year.
UCO Bank’s asset quality
UCO Bank posted gross NPA at 3.32 per cent as on June 30, 2024 as against 4.48 per cent a year earlier, registering an improvement of 116 bps. Net NPA, meanwhile, was at 0.78 per cent during Q1FY25 from 1.18 per cent during the same period last year, recording an improvement of 40 bps. Provision Coverage Ratio improved to 95.76 per cent from 94.88 per cent las year.
UCO Bank’s network
UCO Bank has a network of 3230 domestic branches and two overseas branches each at Hongkong and Singapore Centre and one representative office in Iran. Out of the total branches, it said, 61.73 per cent, i.e., 1994 branches are in rural & semi-urban areas. The bank has 2477 ATMs and 9885 BC Points.
In terms of employees, UCO Bank has a total of 21, 263 employees, 29 per cent of which are women.