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Friday, January 27, 2023

Business News | UCO Bank’s net income more than doubled in the October-December quarter

New Delhi [India]Jan 24 (ANI): UCO Bank posted a net profit of Rs 652.97 crore during Oct-Dec 2022 (Q3FY23), an increase of 110 per cent over the same quarter last year.

During the October-December 2021 quarter, it recorded a net profit of Rs 310.39 crore.

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Furthermore, the net profit for the three quarters ending in December increased to Rs.1281 crore.

UCO Bank’s net profits for the third quarter and first three quarters of fiscal 23 were the highest in the bank’s 80-year history, it said in a regulatory filing Tuesday.

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The bank’s Net Interest Income (NII) for the October-December 2022 quarter increased to Rs 1,951.87 crore from Rs 1,762.61 crore in the same quarter last year, registering a year-on-year growth of 10, 74%.

Furthermore, its net non-performing assets (NPA) were reduced to Rs 2,406.90 crore (1.66%) at the end of December 2022 from Rs 3,333.59 crore (2.81%) as of 2021. (ANI)

(This is an auto-generated, raw story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)

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