UCO Bank posts highest-ever annual net profit of Rs 581.24 crore for Q4FY23

GUWAHATI: UCO Bank has posted net profit of Rs 581.24 crore for the Q4FY23 as against Rs 312.18 crore for Q4FY22 registering y-o-y growth of 86.19%. Net profit for year ended March, 2023 rose to Rs 1,862 crore which is also the highest ever annual net profit.

Global business touched Rs 4,10,967.19 crore as on 31.03.2023 as against Rs 3,53,850.24 crore as on 31.03.2022 registering y-o-y growth of 16.14%. This is again highest ever in the history of the bank.

The highest-ever Net Interest Income (NII) was also witnessed during the year ended 31.03.2023 wherein NII increased to Rs 7343.13 crore as against Rs. 6472.95 crore for the year ended 31.03.22, thereby registering y-o-y growth of 13.44% fuelled by healthy growth in loan book and improved yield on advances. NII for Q4 FY 23 stood at Rs.1972.12 crore as against Rs 1652.39 crore for Q4 FY22. NIM for the Q4 FY 23 had been 2.90% as against 2.73% for Q4 FY22. NIM for FY 22-23 stood at 2.87% vis-à-vis 2.81% for FY 2021-22 registering a steady improvement.

Global Deposits scaled to highest level of Rs 2,49,337.74 crore as on 31.03.2023 as against Rs. 2,24,072.90 crore as on 31.03.2022 registering y-o-y growth of 11.28%. Loan book stood at Rs.1,61,629.45 crore as on 31.03.2023 as against Rs. 1,29,777.34 crore as on 31.03.2022 registering a robust y-o-y growth of 24.54%. On Asset Quality front, Gross NPA reduced to Rs.7,726.46 crore (4.78%) as on 31.03.2023 as against Rs 10,237.43 crore (7.89%) as on 31.03.2022 thereby showing a reduction of 311 basis point y-o-y.

Net NPA also reduced by 141 basis point to Rs.2,018.02 crore (1.29%) as on 31.03.2023 from Rs 3,315.78 crore (2.70%) as on 31.03.2022. Provision Coverage Ratio increased to 94.50% as on 31.03.2023 from 91.44% as on 31.03.2022 thereby registering an increase of 306 basis point y-o-y. Capital Adequacy Ratio at 16.51% as on 31.03.2023 increased by 277 basis points from 13.74% as on 31.03.2022. The Tier-1 Ratio stands at 13.96% as on 31.03.2023 from 10.97% as on 31.03.2022, stated a press release.

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