State-run UCO Bank Ltd on Friday (January 3) reported a strong performance in Q3 FY25, with total advances rising 16.2% year-on-year (YoY) and 5.05% quarter-on-quarter (QoQ) to ₹2.08 lakh crore.
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The bank’s total deposits increased 9.37% YoY and 1.45% QoQ, reaching ₹2.80 lakh crore as of December 31, 2024. This was supported by a steady rise in domestic deposits, which grew by 7.29% YoY and 0.38% QoQ, standing at ₹2.65 lakh crore.
Total business grew 12.18% YoY and 2.95% quarter-on-quarter, reaching ₹4.88 lakh crore. UCO Bank also reported a strong improvement in its domestic advances, which increased by 18.83% over the same period last year, and 5.17% over the previous quarter to ₹1.83 lakh crore.
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The bank’s CASA (current account, savings account) ratio stood at 37.96%, reflecting a slight improvement from 37.61% YoY and a marginal decrease from 38.24% QoQ.
How it fared in Q2
UCO Bank reported a 50% YoY jump in net profit at ₹602 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, the bank posted a net profit of ₹401.7 crore.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 20%, coming at ₹2,300.4 crore against ₹1,916.5 crore in the corresponding quarter of FY24.
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The gross non-performing asset (GNPA) stood at 3.18% in the September quarter against 3.32% in the June quarter. Net NPA came at 0.73% against 0.78% QoQ. In monetary terms, GNPA stood at ₹6,293.86 crore against ₹6,420.12 crore QoQ, whereas net NNPA came at ₹1,406.44 crore against ₹1,473.42 crore in the first quarter of FY25.
The bank’s net interest margin (NIM) for Q2 of FY25 stood at 3.10%, an improvement from 2.84% in the corresponding quarter of the previous year. For the first half of FY25, the NIM was 3.09%, compared to 2.92% for the same period in FY24.
Shares of UCO Bank Ltd ended at ₹44.97, up by ₹0.84, or 1.90%, on the BSE.
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(Edited by : Shoma Bhattacharjee)
