UCO Bank Q2 net profit declines 20% to Rs 402 crore

New Delhi: State-owned UCO Bank on Friday reported a 20 per cent decline in its net profit to Rs 402 crore for the quarter ended September 2023.

The bank had reported a net profit of Rs 505 crore in the corresponding quarter a year ago.

Total income of the Kolkata-headquartered lender during the July-September period rose to Rs 5,866 crore from Rs 4,965 crore in the year-ago period, UCO Bank said in a regulatory filing.

Interest income during Q2 FY24 rose to Rs 5,219 crore as against Rs 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 Rs 336 crore, down from Rs 400 crore earlier, as per the filing.