Financial result UCO Bank posts highest ever annual net profit of Rs 1862.34 cr for FY23
Mumbai/IBNS: Public sector lender UCO Bank on Tuesday posted the highest ever annual net profit of Rs 1862.34 crore for the year FY23, a y-o-y growth of 100.30% against Rs 929.76 crore for FY22.
The bank said its global business touched Rs 4,10,967.19 crore as on March 31, 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 the highest ever in the history of the Bank.
Global Deposits scaled to the 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%.
UCO Banks’s Loan Book stood at Rs.1,61,629.45 crore as on 31.03.2023 as against Rs 1,29,777.34Crore as on 31.03.2022 registering a robust y-o-y growth of 24.54%.
Net Interest Income (NII) for FY23 increased to Rs 7,343.13 crore as against Rs 6472.95 crore for FY22, registering y-o-y growth of 13.44% fuelled by healthy growth in loan book and improved yield on advances.
Net Interest Margin (NIM) for FY23 stood at 2.87% from 2.81% for FY22 showing steady improvement.
On Asset Quality front, Gross NPA reduced to Rs.7,726.46Crore (4.78%) as on 31.03.2023 as against Rs.10,237.43 crore (7.89%) as on 31.03.2022 and from Rs.8506.08 crore (5.63%) as on 31.12.2022.
Net NPA reduced 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 and from Rs.2,406.90 crore (1.66%) as on 31.12.2022.
Provision Coverage Ratio increased to 94.50% as on 31.03.2023 from 91.44% as on 31.03.2022 and from 93.58% as on 31.12.2022.
Capital Adequacy Ratio improved to 16.51% as on 31.03.2023 from 13.74% as on 31.03.2022 and Tier-1 Ratio at 13.96% as on 31.03.2023 from 10.97% as on 31.03.2022.
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