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Business News/ Companies / Company Results/  UCO Bank Q2 Results: Net profit declines 20% to 402 crore
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UCO Bank Q2 Results: Net profit declines 20% to ₹402 crore

UCO Bank Q2 Results: The bank had reported a net profit of ₹505 crore in the corresponding quarter a year ago

UCO Bank Q2 Results: Interest income during Q2 FY24 rose to ₹5,219 crore as against ₹4,185 crore.Premium
UCO Bank Q2 Results: Interest income during Q2 FY24 rose to 5,219 crore as against 4,185 crore.

State-owned UCO Bank on Friday reported a 20 per cent decline in its net profit to 402 crore for the quarter ended September 2023. The bank had reported a net profit of 505 crore in the corresponding quarter a year ago.

Total income of the Kolkata-headquartered lender during the July-September period rose to 5,866 crore from 4,965 crore in the year-ago period, UCO Bank said in a regulatory filing. Interest income during Q2 FY24 rose to 5,219 crore as against 4,185 crore.

There was an improvement in the bank's asset quality as the gross NPAs dipped to 4.14 per cent of the gross advances as of end-September 2023 over 6.58 per cent in the previous fiscal.

Net NPAs too came down to 1.11 per cent as compared to 1.99 per cent a year ago.

The bank's total provisioning for the latest September quarter stood at 336 crore, down from 400 crore earlier, as per the filing.

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Published: 03 Nov 2023, 04:49 PM IST
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