State-owned UCO Bank on Thursday reported a more than two-fold jump in net profit to ₹504.52 crore for the quarter ended September 2022 as fall in bad loans resulted in lesser provisioning requirement. The bank had reported a net profit of ₹205.39 crore in the corresponding quarter of the year earlier.
Total income of the Kolkata-headquartered lender during July-September rose to ₹4,964.84 crore from ₹4,655.86 crore in the same period of 2021-22, UCO Bank said in a regulatory filing.
Interest income during Q2 FY23 rose to ₹4,184.89 crore from ₹3,719.79 crore.
There was improvement in the bank’s asset quality as the gross NPAs dipped to 6.58% of the gross advances as of end-September 2022 from 8.98% a year earlier.
Net NPAs too came down to 1.99% from 3.37%.
The bank’s total provisioning for the quarter stood at ₹405.76 crore, down from ₹1,018.62 crore earlier.
Stock of UCO Bank closed at ₹14.44 apiece on BSE, up 5.25% from its previous close.
