UCO Bank earns highest ever quarterly net profit
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New Delhi (Best Hindu News): UCO Bank has reported a YoY growth of 110.37% to net profit of Rs.652.97 crore in the third quarter of the financial year 2022-23 as compared to Rs.310.39 crore in the third quarter of the financial year 2021-22. Earned a profit, which is the highest ever quarterly net profit in the bank’s 80 years history. Net profit for the nine months ended December 2022 increased to Rs 1,281 crore, which is the highest ever nine month net profit.
Net Interest Income (NII) for FY 2022-23 registering a YoY growth of 10.74% as compared to Rs.1,762.61 crore in Q3 FY 2021-22 on the back of progressive growth in loan book and better returns on advances 1,951.87 crore in the third quarter. The Net Interest Income for Q3 FY 2021-22 includes an extraordinary interest income on account of recovery on account of M/s Air India. If recoveries from this account are excluded, the growth in net interest income would be around 25% on a year-on-year basis for Q3 of FY 2022-23.
Net Interest Margin (NIM) shows steady improvement at 2.99% for Q3 FY 2022-23 as against 2.84% for Q2 FY 2022-23. However, the Net Interest Margin for Q3 FY 2021-22 was 3.03%, driven by the recovery on account of M/s Air India, otherwise the Net Interest Margin for Q3 FY 2021-22 would have been 2.69%.
Bank’s other income has increased to Rs 823.46 crore in Q3 FY 2022-23, registering a YoY growth of 14.51% from Rs 719.15 crore in Q3 FY 2021-22, which is written off Earned solid collections in accounts entered into and commissions from third party products.
Pre-Provision Operating Profit (PPOP) increased from Rs 1,340.30 crore in Q3 FY 2021-22 to Rs 1,353.91 crore in Q3 FY 2022-23.
The Global Business of the Bank has reached its highest ever level of Rs.3,94,228.98 Crore as on 31.12.2022 as against Rs.3,44,321.66 Crore as on 31.12.2021 registering a YoY growth of 14.49%.
The Bank’s global deposits have also reached an all-time high of Rs.2,43,169.90 crore as on 31.12.2022 as against Rs.2,18,802.52 crore as on 31.12.2021, registering a YoY growth of 11.14%.
The CASA (Domestic) of the Bank stands at 38.93% as on 31.12.2022. Current deposits have increased from Rs.8606 crore as on 31.12.2021 to Rs.11620 crore as on 31.12.2022, registering a growth of 35.02% on YoY basis. Savings deposits have also increased from Rs.74,147.27 crore as on 31.12.2021 to Rs.79,948.39 crore as on 31.12.2022, registering a YoY growth of 7.78%.
The loan book has grown from Rs.1,25,519.13 crore as on 31.12.2021 to Rs.1,51,059.08 crore as on 31.12.2022, registering a strong YoY growth of 20.35%.
Gross NPAs at asset quality level have reduced from ₹ 10,042.41 Crore (8.00%) as on 31.12.2021 and ₹ 9358.92 Crore (6.58%) as on 30.09.22 to ₹ 8,506.08 Crore (5.63%) as on 31.12.2022.
Net NPAs have reduced from Rs.3,333.59 crore as on 31.12.2021 (2.81%) and Rs.2,700.29 crore as on 30.09.2022 (1.99%) to Rs.2,406.90 crore as on 31.12.2022 (1.66%).
The provision coverage ratio has increased from 91.30% as on 31.12.2021 and 92.90% as on 30.09.2022 to 93.58% as on 31.12.2022.
Capital Adequacy Ratio improved from 14.02% as on 30.09.2022 to 14.32% as on 31.12.2022 and CET-1 Ratio improved from 11.25% as on 30.09.2022 to 11.57% as on 31.12.2022.
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