Q3FY23 results: Net profit of UCO Bank registers growth of 110%

UCO Bank has posted net profit of Rs 652.97 crore for the Q3FY23 as against Rs 310.39 crore for Q3FY22 registering y-o-y growth of 110.3 percent

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Q3FY23 results: Net profit of UCO Bank registers growth of 110%

New Delhi: UCO bank released its financial results on Tuesday, stated a regulatory filing, adding that the bank has posted net profit of Rs 652.97 crore for the Q3FY23 as
against Rs 310.39 crore for Q3FY22 registering y-o-y growth of 110.3 percent which is the highest ever quarterly net profit in 80 years history of the Bank. Net profit for nine months that ended in December, 2022 rose to Rs 1,281 crore which is also the highest ever nine months net profit.

The bank said in a statement, “Net Interest Income (NII) for Q3FY23 increased to Rs 1,951.87 crore as against Rs. 1,762.61 crore for Q3FY22 registering y-o-y growth of
10.74 percent fuelled by healthy growth in loan book and improved yield on advances. NII for Q3FY22 includes an exceptional interest income due to recovery in the account of M/s Air India. If recovery from this account is excluded, the growth in NII shall come to 25 percent approximately on y-o-y basis for Q3FY23.”

UCO Bank Q2 net rises by 145 percent to stand at Rs 504.52 cr

“Net Interest Margin (NIM) for Q3FY23 stood at 2.99 percent from 2.84 percent for Q2FY23 showing steady improvement. However, NIM for Q3FY22 was 3.03 percent which was propelled by recovery in the account of M/s Air India, otherwise NIM for Q3FY22 would have been at 2.69 percent,” it added.

“Global business scaled to its highest ever mark of Rs 3,94,228.98 crore as on December 31, 2022 as against Rs 3,44,321.66 crore as on December 31, 2021, registering y-o-y growth of 14.49 percent,” said the bank in a statement.

On Asset Quality front, Gross NPA reduced to Rs 8,506.08 crore as on December 31, 2022 as against Rs 10,042.41 crore as on December 31, 2021 and from Rs 9,358.92 crore as on September 30, 2022. Net NPA reduced to Rs 2,406.90 crore as on December 31, 2022 from Rs 3,333.59 crore as on Q3FY23 and from Rs 2,700.29 crore as on Q2FY23. Provision Coverage Ratio increased to 93.58 percent as on Q3FY23 from 91.3 percent as on Q3FY22 and from 92.90 percent as on Q2FY23.

Capital Adequacy Ratio improved to 14.32 percent as on Q3FY23 from 14.02 percent as on QFY23 and CET-1 Ratio stood at 11.57 percent as on Q3FY22 from 11.25 percent as on Q2FY23.

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