State-owned on Friday posted a 22 per cent rise in its net profit at Rs 123.61 crore for the first quarter ended June 30, helped by fall in bad loans. The bank had reported a net profit of Rs 101.81 crore in the same quarter of financial year 2021-22.
However, the total income declined to Rs 3,796.59 crore, as against Rs 4,539.08 crore in first quarter of the previous fiscal, UCO Bank said in a regulatory filing.
Interest income during the quarter under review increased to Rs 3,851.07 crore, from Rs 3,569.57 a year ago.
The Kolkata-headquartered lender trimmed its gross non-performing assets (NPAs or bad loans) to 7.42 per cent of the gross advances as of June 30, 2022, as against 9.37 per cent in the first quarter of FY 2021-22.
In value terms, the gross NPAs fell to Rs 9,739.65 crore from Rs 11,321.76 crore.
Net NPAs too declined to 2.4 per cent in the quarter under review, from 3.85 per cent a year ago.
The bank’s provisions for bad loans and contingencies came down to Rs 246.83 crore in the reported quarter, from Rs 1,127.11 crore in the year-ago period.
Of this, the provisions for NPAs also decreased to Rs 267.56 crore in the first quarter of this fiscal, from Rs 844.76 crore a year-ago.
The Provisioning Coverage Ratio of the bank stood at 91.96 per cent at the end of first quarter.
“Considering the likely impact of COVID-19 pandemic, the bank is holding adhoc provision of Rs 715 crore as on June 30, 2022 (reversed Rs 285 crore during the quarter ended June 30, 2022) to meet any exigencies arising out of COVID-19 pandemic,
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
