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UCO Bank shares tank post Q2 results; profit drops 20% YoY, says lender

UCO Bank shares tank post Q2 results; profit drops 20% YoY, says lender

UCO Bank said its gross advances rose 17.99 per cent to Rs 1,67,734 crore YoY; total deposits were up 6.07 per cent YoY at Rs 2,49,411 crore, it said.

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UCO Bank said its return on equity improved 390 basis points to 10.94 per cent QoQ; return on assets improved 26 basis points to 0.54 per cent.UCO Bank said its return on equity improved 390 basis points to 10.94 per cent QoQ; return on assets improved 26 basis points to 0.54 per cent.
Amit Mudgill
  • Nov 3, 2023,
  • Updated Nov 3, 2023 2:25 PM IST

Share of UCO Bank on Friday slipped into the red after the lender reported a 20.38 per cent year-on-year (YoY) drop in net profit at Rs 401.67 crore for the September quarter compared with Rs 504.52 crore in the corresponding quarter last year. profit for the bank up 80 per cent on a sequential basis.

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Net interest income (NII) for the quarter was up 8.3 per cent YoY at Rs 1,917 crore compared with about Rs 1,770 crore in the same quarter last year. The bank said its asset quality improved, with gross non performing asset (NPA) at 4.14 per cent against 4.48 per cent sequentially.

UCO Bank said its total business grew 10.56 per cent to Rs 4,17,145 crore YoY. While gross advances rose 17.99 per cent to Rs 1,67,734 crore YoY, total deposits were up 6.07 per cent at Rs 2,49,411 crore YoY.

Also read: Hot stocks on November 3: Adani Power, Suzlon Energy, Canara Bank, Ratnamani Metals and more

 

Also read: Zomato shares surge 5% ahead of Q2 results; here're analyst views  

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Share of UCO Bank on Friday slipped into the red after the lender reported a 20.38 per cent year-on-year (YoY) drop in net profit at Rs 401.67 crore for the September quarter compared with Rs 504.52 crore in the corresponding quarter last year. profit for the bank up 80 per cent on a sequential basis.

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Net interest income (NII) for the quarter was up 8.3 per cent YoY at Rs 1,917 crore compared with about Rs 1,770 crore in the same quarter last year. The bank said its asset quality improved, with gross non performing asset (NPA) at 4.14 per cent against 4.48 per cent sequentially.

UCO Bank said its total business grew 10.56 per cent to Rs 4,17,145 crore YoY. While gross advances rose 17.99 per cent to Rs 1,67,734 crore YoY, total deposits were up 6.07 per cent at Rs 2,49,411 crore YoY.

Also read: Hot stocks on November 3: Adani Power, Suzlon Energy, Canara Bank, Ratnamani Metals and more

 

Also read: Zomato shares surge 5% ahead of Q2 results; here're analyst views  

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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ABOUT THE AUTHOR

Amit Mudgill

A financial journalist with over 18 years of experience in print and digital media, I cover India's capital markets, focusing on stocks, IPOs, mutual funds, corporate earnings, and market trends. Currently with Business Today, I report on equities, corporate developments, fundraising activity, and the broader investment landscape, delivering timely, data-backed insights to investors and readers.

Previously, I worked with The Economic Times and Deccan Chronicle, covering business, markets, and corporate affairs. My experience spans breaking news, analysis, and long-form features, with a strong focus on financial markets and investment-related reporting.

I am on the go 24/7:  Saying 'Good Night' to Dow Jones and 'Good Morning' to Gift Nifty comes naturally. Ask me about data and you'll hear stories. Away from markets, I enjoy stargazing, astrophotography, reading about India's neighbourhood, and playing video games.

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