UCO Bank Q2 net down to Rs 401.67 crore

Chennai: Public sector mortgage lender UCO Bank on Friday said it closed the second quarter of FY24 with a Rs 102.85 crore lower net profit as compared to previous year corresponding period.

In a regulatory filing, UCO Bank said for the quarter ended September 30 it had booked a total income of Rs 5,865.61 crore (Q2FY23 Rs 4,964.84 crore) and a net profit of about Rs 401.67 crore (Rs 504.52 crore).

According to UCO Bank, its interest income stood at Rs 5,218.82 crore for the quarter ended September 30 this year as against Rs 4,184.89 crore for the quarter ended September 30, 2022.

The other income stood at Rs 646.78 crore for the year ended September 30, 2023 as against Rs 779.94 crore for the year ended September 30, 2022.

As on September 30 this year, UCO Bank’s gross non performing assets (GNPA) and net NPA stood at Rs 6,939.35 crore (Rs 9,358.92 crore) and Rs 1,801.67 crore (Rs 2,700.29 crore), respectively.

For the period under review, UCO Bank had provided Rs 335.81 crore towards NPA up from Rs 400.27 crore provided during the previous year corresponding period.

The capital adequacy ratio stood at 16.83 per cent as on September 30.