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UCO Bank announces financial results for the quarter, posts impressive profit

UCO Bank has announced its financial results for the quarter of year ended March 31,2022. The results are encouraging and look promising as there has been three fold profits despite odds. Bank has made Net Profit of Rs 312.18 Crore during the quarter ended March 2022 as against Net Profit of Rs 80.02 Crore in the quarter ended March 2021 registering a growth of 290.11%.

SNS | New Delhi |

UCO Bank has announced its financial results for the quarter of year ended March 31,2022. The results are encouraging and look promising as there has been three fold profits despite odds. Bank has made Net Profit of Rs 312.18 Crore during the quarter ended March 2022 as against Net Profit of Rs 80.02 Crore in the quarter ended March 2021 registering a growth of 290.11%.

Besides, Bank has made Net Profit of Rs 929.76 Crore during the year ended March 2022 as against Net Profit of Rs 167.03 Crore in the quarter ended March 2021 registering an impressive growth of 456.63%.

Thanks to the efficient management the operating Profit of the Bank for the year ended March 2022 has increased to Rs 4797.43 Crore as against Rs 4149.07 Crore for the year ended March 2021 registering a growth of 15.63%.

Apart from the net profits UCO Bank has also posted a growth in its interest income. The net Interest Income of the Bank for the quarter ended March 2022 has increased to Rs 1652.38 Crore from Rs 1412.61 Crore for the quarter ended March 2021 registering a growth of 16.97%.

The net Interest Income of the Bank for the year ended March 2022 has increased to Rs 6472.95 Crore from Rs 5479.70 Crore for the year ended March 2021 registering a growth of 18.13%. This is highest Net Interest Income earned by the Bank.

The UCO bank management has done well to reduce its NPA as well so as to bring its liabilities in check. Gross NPA of the Bank has reduced to Rs 10237.43 Crore (7.89%) as on 31.03.2022 from  Rs 11351.97 Crore (9.59%) as on 31.03.2021. Gross NPA as on 31.12.2021 was at Rs 10042.41 Crore (8.00%) as on 31.12.2021.

Net NPA of the Bank has reduced to Rs 3315.78 Crore (2.70%) as on 31.03.2022 from Rs 4389.50 Crore (3.94%) as on 31.03.2021 and from Rs 3333.59 Crore (2.81%) as on 31.12.2021. Total Business of the Bank has increased to Rs 353850.24 Crore as on 31.03.2022 from Rs 324324.20 Crore as on 31.03.2021 registering a growth of 9.10%.

What is a good news for its reputation the total Deposits of the Bank has increased to Rs 224072.90 Crore as on 31.03.2022 from Rs 205919.39 Crore as on 31.03.2021 registering a growth of 8.82%. CASA  of the Bank (Domestic) stood at 40.26% as on 31.03.2022.

Savings Deposits of the Bank has also increased to Rs 77161.76 Crore as on 31.03.2022 from Rs 70808.70 Crore as on 31.03.2022 registering a growth of 8.97%. Total Advances of the Bank stands at Rs 129777.34 Crore as on 31.03.2022 as against Rs 118404.81 Crore as on 31.03.2021 registering a growth of 9.60%.