UCO Bank Q3 Result: Net Profit Jumps 27.04% To Rs.639 Cr; Reports 19.62% YoY Growth In Net Interest Income

The financial results for the quarter and nine months ending December 31, 2024, were made public by UCO Bank on Tuesday. The bank's net profit for the quarter that ended on December 31, 2024, was Rs. 639 crore, up 27.04% year over year from Rs. 503 crore for the same period the year before. Compared to Rs. 1128 crore for the nine months ending in December 2023, net profit for the nine months ending in December 2024 was Rs. 1793 crore, representing a 58.95% year-on-year growth.

For the quarter ending December 31, 2024, Net Interest Income (NII) was Rs. 2378 crore, representing a 19.62% year-on-year growth over Rs. 1988 crore in Q3FY24. Net interest income (NII) increased 17.21% year on year to Rs. 6932 crore for the nine months ending in December 2024, compared to Rs. 5914 crore for the nine months ending in December 2023. For the quarter that was observed on December 31, 2024, the Net Interest Margin (NIM) was 3.17%, compared to 2.84% for the same time the year before. The NIM was 3.12% for the nine months that ended in December 2024 compared to 2.88% for the nine months that ended in December 2023.

While UCO Bank's total deposits expanded 9.36% year on year to Rs. 280256 crores as of 31.12.2024 from Rs. 256261 crores as of 31.12.2023, the bank's total business grew 12.28% year on year to Rs. 488911 crores as of 31.12.2024 from Rs. 435456 crores as of 31.12.2023. According to the bank, its gross advances climbed 16.44% year on year to Rs. 208655 crore on December 31, 2024, from Rs. 179195 crore on December 31, 2023.

According to UCO Bank, its operating profit for the quarter that ended on December 31, 2024, was Rs. 1586 crore, representing a 41.73% year-on-year growth over the Rs. 1119 crore it made during the same period the year before. Operating profit improved 31.37% to Rs. 4339 crore for the nine months ending in December 2024 compared to Rs. 3303 crore for the nine months ending in December 2023.

According to the bank, its gross non-performing assets (NPA) jumped by 94 basis points year-on-year to 2.91 per cent on December 31, 2024, from 3.85% on December 31, 2023, while its net non-performing assets (NPA) jumped by 35 basis points year-over-year to 0.63 per cent on December 31, 2024, from 0.98% on December 31, 2023.

The bank's network as of December 31, 2024, included 3263 domestic branches, two international branches in Singapore and Hong Kong, and one representative office in Iran. 2010 (61%) of the bank's branches are located in rural and semi-urban regions. As of December 31, 2024, the bank has 16397 contact points, including 2478 ATMs and 10653 BC Points.