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Category :
Company News
Headline :
UCO Bank Q4 net profit down 9.54% at Rs 525.77 cr
Date:
30/04/2024 10:30
The bank reported standalone net profit of Rs 525.77 crore for the quarter ended March 31, 2024 as compared to Rs 581.24 crore in the same period last year, registering a year-on-yearÿdeclineÿof 9.54 per cent.
Interest income of the bank rose by 17.49 per cent at Rs 5859.70 crore for the quarter ended March 31, 2024 as against Rs 4987.41 crore in the corresponding period last year.
During the January-March quarter, total income rose moderately by 17.45 per cent to Rs 6,984.61 crore from Rs 5,946.94 crore in the year ago period.
Meanwhile, operating expenses increased by 24.44 per cent to Rs 5,711.74 crore from Rs 4,589.88 crore in the same period last year.
Operating profit slipped 6.20 per cent to Rs 1,272.87 crore from Rs. 1,357.06 crore.
Provisions and Contingencies surged by 3.73 per cent at Rs 467.36 crore from Rs 450.54 crore a year ago.
NII, the difference between interest earned on loans and interest paid on deposits, increased by 10.91 per cent at Rs 2,187.36 crore versus Rs 1,972.11 crore in the year ago period. Non-interest income rose 17.24 per cent year-on-year to Rs 1,124.91 crore.
On the asset side, gross non- performing assets (NPAs)ÿfellÿto 3.46 per cent of the gross advances as at the end of March 31, 2024 from a level of 4.78 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.89 per cent of net advances on March 31, 2024 from 1.29 per cent a year ago.
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