Tuesday, Jan 31 2023 | Time 21:29 Hrs(IST)
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Business Economy


UCO Bank posts over two-fold jump in profit

Kolkata, Jan 24 (UNI) UCO Bank on Tuesday announced a more than two-fold jump in profit at Rs 653.97 crores for the 3rd quarter ended December 2022, as against Rs.310.39 crore for Q3FY22 registering y-o-y growth of 110.37 percent.
This is the highest ever quarterly net profit in 80 years history of the Bank. An official said the huge profit was driven by an increase in interest income and decline in bad loans.
The Net profit for nine months ended December 22 rose to Rs.1,281 crore which was also the highest ever nine-month net profit.
The 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 Air India. If recovery from this account is excluded, the growth in NII shall come to 25 pc approximately on y-o-y basis for Q3FY23, the report said.
Net Interest Margin (NIM) for Q3FY23 stood at 2.99 pc from 2.84 pc for Q2FY23 showing steady improvement. However, NIM for Q3FY22 was 3.03 pc which was propelled by recovery in
the account of Air India, otherwise NIM for Q3FY22 would have been at 2.69 pc, the lender, which has headquarters in the city, said.
Other income for Q3FY23 increased to Rs.823.46 crore as against Rs.719.15 crore for Q3FY22 registering y-o-y growth of 14.51 pc aided by robust recovery in written off accounts and commission from third-party products.
Pre-provisioning operating profit (PPOP) for Q3FY23 increased to Rs. 1,353.91 Crore as against Rs. 1,340.30 Crore for Q3FY22.
The global business scaled to its highest ever mark of Rs.3,94,228.98 crore as on 31.12.2022 as against Rs. 3,44,321.66 crore as on 31.12.2021 registering y-o-y growth of 14.49 pc The global deposits also scaled to highest level of Rs.2,43,169.90 crore as on 31.12.2022 as against Rs.
2,18,802.52 crore as on 31.12.2021 registering y-o-y growth of 11.14 pc.
CASA (Domestic) as on 31.12.2022 stood at 38.93 pc. Current deposits increased to Rs.11620 Crore as on 31.12.2022 from Rs.8606 crore, thereby registering growth of 35.02 pc on y-o-y basis.

Savings deposits also increased to Rs.79,948.39 crore as on 31.12.2022 as against Rs. 74,147.27 crore as on 31.12.2021 registering y-o-y growth of 7.78 pc.
The loan book stood at Rs.1,51,059.08 crore as on 31.12.2022 as against Rs. 1,25,519.13 crore as on 31.12.2021 registering a robust y-o-y growth of 20.35 pc. UNI PC SSP
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