UCO Bank Q2 Results: Net Profit Zooms 50% YoY To Rs.603 Cr; Asset Quality Strengthens

Today, UCO Bank, a public sector lender, released its financial results for the quarter that ended on September 30, 2024. The net profit for the quarter that ended on September 30, 2024, was Rs. 603 crore, up 50% YoY from Rs. 402 crore during the same period the previous year. Compared to Rs. 625 crore for the half year ended September 2023, net profit increased by 84.64% Yoy to Rs. 1154 crore for the half year ended September 2024.

Net Interest Income (NII) climbed by 20.03% YoY to Rs. 2301 crore in Q2FY25 from Rs. 1917 crore during the year-ago quarter. Net interest income (NII) surged by 16.02% YoY to Rs. 4555 crores for the half-year that ended in September 2024, compared to Rs. 3926 crores for the same period in 2023.

The Net Interest Margin (NIM) for the quarter that ended on September 30, 2024, was 3.10%, compared to 2.84% for the same period the year before. The NIM was 3.09% for the half-year that ended in September 2024 compared to 2.92% for the half-year that ended in September 2023.

Operating profit of UCO Bank for the quarter that ended on September 30, 2024, was Rs. 1432 crore, up 45.82% YoY from Rs. 982 crore during Q2FY24. Operating profit improved to Rs. 2753 crore for the half-year ended September 2024 from Rs. 2184 crore for the half-year ended September 2023, a 26.05% growth.

The bank's total business climbed by 13.56% YoY to Rs. 473704 crore on September 30, 2024, from Rs. 417145 crore on September 30, 2023. Meanwhile, total deposits increased by 10.57% YoY to Rs. 275777 crore on September 30, 2024, from Rs. 249411 crore on September 30, 2023. Gross advances at UCO Bank climbed by 18% YoY to Rs. 197927 crore on September 30, 2024, from Rs. 167734 crore in the same period in 2023. RAM's (Retail, Agri & MSME) business was valued at Rs. 108200 crore on September 30, 2024, up from Rs. 90046 crore in the same period in 2023. This represents a year-on-year growth of 20.16%.

UCO Bank's retail advances increased by 29.36% YoY to Rs. 47039 crore during Q2FY25, from Rs. 36362 crore in Q2FY24. The bank's net NPA increased to 0.73% as of September 30, 2024, from 1.11% as of September 30, 2023, representing a 96 bps year-on-year gain. Its gross non-performing assets (NPA) improved to 3.18% as of September 30, 2024, from 4.14% as of September 30, 2023.

As of September 30, 2024, UCO Bank's provision coverage ratio was 95.92%. With 3247 domestic branches, 2 international branches in Singapore and Hong Kong, and 1 representative office in Iran, UCO Bank had a robust network. The bank has 2000 branches in rural and semi-urban regions or 61.60% of all branches. As of September 30, 2024, the bank has 2472 ATMs and 10203 BC Points, for a total of 15925 touch points.