Stock Under Rs 31: Govt Bank Net Profit Up 86%, Stock Offers 123% Return In 6-Months

Leading government owned bank, UCO Bank on May 2 announced a sharp 86.2% jump in its net profit to Rs 581.24 crore for the March 2023 quarter amid decline in bad loans. Earlier, it announced profit of Rs 312.18 crore for the January-March quarter of 2021-22.

According to the BSE filing of bank, "UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100 per cent year-on-year growth."

It declared highest ever NII of Rs 7,343.13 crore in FY23, soaring by 13.44% as against Rs 6,472.95 crore in FY22, pushed by a robust growth in loan book and improved yield on advances. Net interest margin (NIM) declared at 2.87% for the fiscal highlighting steady improvement.

Stock Performance: The last trading price of UCO Bank is Rs 30.72 per share with intraday gain of 2.06% on BSE. The stock's 52-week high price is Rs 38.15 per share and 52-week low price is Rs 10.52 per share, respectively. It announced its market capitalisation at Rs 36,728.70 crore.

Return: The stock gave return of 159% in last 1-year, 178% in last 2-years, 138% in last 3-years, and 58% in last 5-years.

About the bank: Founded in 1943, UCO Bank is a commercial bank and a Government of India Undertaking. Its Board of Directors consists of government representatives from the Government of India and Reserve Bank of India as well as eminent professionals like accountants, management experts, economists, businessmen, etc, according to its official website.

Disclaimer: The bank declared its quarterly results on May 2. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.