UCO Bank's net profit more than doubled in October-December quarter

NEW DELHI: UCO Bank has posted a net profit of Rs 652.97 crore during October-December 2022 (Q3FY23), an increase of 110 per cent from the same quarter last year. During the October-December quarter of 2021, it posted a net profit of Rs 310.39 crore.

Further, net profit for the three quarters that ended December rose to Rs.1,281 crore.

UCO Bank's net profits during Q3 and the first three-quarters of FY23 were the highest ever in the 80 years of the Bank's history, it said in a regulatory filing on Tuesday.

The bank's Net Interest Income (NII) during the October-December 2022 quarter increased to Rs1,951.87 crore as against Rs 1,762.61 crore same quarter last year, registering a year-on-year growth of 10.74 per cent.

Further, its net non-performing assets (NPAs) reduced to Rs 2,406.90 crore (1.66 per cent) at the end of December 2022 from Rs 3,333.59 crore (2.81 per cent) as of 2021.