UCO Bank’s Financial Results Out Now
UCO Bank’s Financial Results for the quarter ended 30th June 2024. A press conference was organized to announce the results.
Business Highlights
- Total Business grew by 11.46% on y-o-y to Rs.461408 crore on 30.06.2024 from Rs.413972 crore on 30.06.2023.
- Total Deposits increased by 7.39% on a y-o-y basis to Rs.268155 crore as of 30.06.2024 from Rs.249694 crore as of 30.06.2023.
- Gross Advances grew 17.64 % on y-o-y to Rs.193253 crore as of 30.06.2024 as against Rs.164278 crore as of 30.06.2023.
- RAM (Retail, Agri & MSME) business stood at Rs.101986 crore as of 30.06.2024 as against Rs.85952 crore as of 30.06.2023, registering an improvement of 18.65% on a y-o-y basis.
- Retail Advances stood at Rs.42985 crore as of 30.06.2024 as against Rs.35280 crore as of 30.06.2023registering a growth of 21.84% on a y-o-y basis, fuelled by Home loan and Vehicle loan portfolio which registered a growth of 20.37% and 33.33% respectively n y-o-y basis.
- Agriculture Advances stood at Rs.25950 crore as of 30.06.2024 as against Rs.21690 crore as of 30.06.2023, showing a growth of 19.64% on a y-o-y basis.
- Advances to the MSME sector stood at Rs.33051 crore as of 30.06.2024 as against Rs.28982 crore as of 30.06.2023, they registered a growth of 14.04% on a y-o-y basis.
- Business per employee improved to Rs.21.65 crore during Q1FY25 as against Rs.18.89 crore for the same period of the preceding year.
- Operating Profit for the quarter ended 30.06.2024 stood at Rs.1321 crore registering a growth of 9.81% on a y-o-y basis as against Rs.1203 crore for the same period of the preceding year.
- Net Profit for the quarter ended 30.06.2024 stood at Rs.551 crore as against Rs.223 crore for the same period in the preceding year, registering a growth of 147.09% y-oy.
- Net Interest Income (NII) for the quarter ended 30.06.2024 stood at Rs.2254 crore registering a growth of 12.20% on a y-o-y basis as against Rs.2009 crore for the same period of the preceding year.
Asset Quality
- Gross NPA improved to 3.32 % as of 30.06.2024 against 4.48% as of 30.06.2023, registering an improvement of 116 bps.
- Net NPA improved to 0.78 % as of 30.06.2024 as against 1.18% as of 30.06.2023, registering an improvement of 40 bps.
- Provision Coverage Ratio improved to 95.76% as of 30.06.2024 as against 94.88% as of 30.06.2023, registering an improvement of 88 bps.
Capital Adequacy
- Capital Adequacy Ratio (CRAR) improved to 17.09 % as on 30.06.2024 as compared to 16.85% on 30.06.2023, with Tier 1 ratio of 14.75% as on 30.06.2024 as against 14.16% as on 30.06.2023, thereby registering an improvement of 24bps and 59bps in CRAR and Tier 1 respectively.
Branch Network
- The bank has a network of 3230 domestic branches and 2 overseas branches each at Hong Kong and Singapore Centre & 1 Representative office in Iran. Out of the total branches, the Bank has 61.73 % i.e.1994 branches in rural & semi-urban areas. The bank has 2477 ATMs and 9885 BC Points, making 15595 touch points as of 30 June 2024.
Priyanka Dutta