State-run lender UCO Bank on Wednesday reported that its net profit for the fourth quarter ended March 31, 2014 rose nearly six-fold to Rs 285 crore from the same period a year ago as asset quality improved, lowering provisions.
In Q4 FY 2012-13, the lender had posted a net profit of Rs 50 crore, UCO Bank said in a filing to the Bombay Stock Exchange (BSE).
Net interest income grew by 16 per cent at Rs 1560 crore in Q4 FY 2013-14 from Rs 1,348 crore in the same period a year ago.
Other income climbed by 45 per cent at Rs 459 crore in Q4 FY 2013-14 from Rs 317 crore in the same period a year ago.
The percentage of gross performing assets fell to 4.32 per cent in Q4 FY 2013-14 from 5.42 per cent in the same period a year ago while the percentage of net non-performing assets fell to 2.38 per cent from 3.17 per cent in the same period a year ago.
"The provisioning requirement was much lower this quarter compared to last year and that has helped this huge rise in net profit", UCO Bank said.