Home >Markets >Stock Markets >UCO Bank reports net profit of 21 crore in June Quarter

MUMBAI : UCO Bank on Friday reported a net profit to 21.45 crore for the June quarter on the back lower provisions and higher other income.

The state-owned lender had posted a net loss of 601.45 crore in the same quarter last year.

Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 5.11% to 1266.78 crore for the quarter ended 30 June against 1334.97 crore reported during the same quarter of the previous fiscal.

Other income, which includes core fee income, rose 22.83% year-on-year to 773.93 crore during the period under review from 630.08 crore.

The lender made provisions worth 1180.37 crore, versus 1802.89 crore during the same quarter of the preceding fiscal.

Gross NPAs, as a percentage of gross advances, were at 14.38% compared with 24.85% as of June 2019 and 16.77% as of March, 2020.

After provisions, net NPA ratio was at 4.95% against 5.45% during January-March and 8.98% in the year-ago quarter.

At 1:30 pm, shares of UCO Bank gained 3.67% to 14.70 apiece on Friday on BSE, while the benchmark index, Sensex lost 0.39% to 37587.50 points.

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