UCO Bank Q3 results: Profit down 23% at ₹503 crore, income rises to ₹6,413 crore YoY

State-owned UCO Bank on Wednesday reported 23 per cent decline in net profit at ₹503 crore for December quarter 2023-24.

The Kolkata-based lender had logged a net profit of ₹653 crore in the same quarter a year ago.

Operating profit was almost flat at ₹1,119 crore as against ₹1,354 crore in December 2022 quarter.

Total income increased to ₹6,413 crore from ₹5,451 crore in the same period last year, UCO Bank said in a regulatory filing.

Interest income also rose to ₹5,552 crore over ₹4,627 crore.

On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 3.85 per cent of gross loans by the end of December 2023 from 5.63 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.98 per cent as compared to 1.66 per cent in 2022.

As a result, provisions for bad loans declined to ₹116 crore from ₹220 crore a year ago.

The capital adequacy ratio rose to 16.01 per cent from 14.32 per cent at the end of December quarter FY22.