UCO Bank Q3 Result: Net Profit Jumps 27% to ₹639 Cr; NII Up 19.6% YoY
Strong Q3 Performance
UCO Bank announced its financial results for the quarter and nine months ending December 31, 2024, on Tuesday, reporting a net profit of ₹639 crore for the quarter ended December 31, 2024, a 27.04% year-on-year increase from ₹503 crore for the same period the previous year. The bank's net profit for the nine months ending in December 2024 was ₹1793 crore, a 58.95% year-on-year growth compared to ₹1128 crore for the nine months ending in December 2023.
Net Interest Income (NII)
For the quarter ending December 31, 2024, Net Interest Income (NII) was ₹2378 crore, representing a 19.62% year-on-year increase over ₹1988 crore in Q3FY24. Net interest income (NII) increased 17.21% year-on-year to ₹6932 crore for the nine months ending in December 2024, compared to ₹5914 crore for the nine months ending in December 2023.
Net Interest Margin (NIM)
For the quarter observed on December 31, 2024, the Net Interest Margin (NIM) was 3.17%, compared to 2.84% for the same period the year before. The NIM was 3.12% for the nine months ending in December 2024, compared to 2.88% for the nine months ending in December 2023.
Total Deposits and Business Growth
UCO Bank's total deposits expanded 9.36% year-on-year to ₹280256 crores as of December 31, 2024, from ₹256261 crores as of December 31, 2023. The bank's total business grew 12.28% year-on-year to ₹488911 crores as of December 31, 2024, from ₹435456 crores as of December 31, 2023.
Gross Advances and Operating Profit
According to the bank, its gross advances climbed 16.44% year-on-year to ₹208655 crore on December 31, 2024, from ₹179195 crore on December 31, 2023. Its operating profit for the quarter ended on December 31, 2024, was ₹1586 crore, representing a 41.73% year-on-year increase from ₹1119 crore in the same period the year before. Operating profit improved 31.37% to ₹4339 crore for the nine months ending in December 2024, compared to ₹3303 crore for the nine months ending in December 2023.
Asset Quality
According to the bank, its gross non-performing assets (NPA) jumped by 94 basis points year-on-year to 2.91% on December 31, 2024, from 3.85% on December 31, 2023. Its net non-performing assets (NPA) jumped by 35 basis points year-over-year to 0.63% on December 31, 2024, from 0.98% on December 31, 2023.
Branch Network and Contact Points
The bank's network as of December 31, 2024, included 3263 domestic branches, two international branches in Singapore and Hong Kong, and one representative office in Iran. 2010 (61%) of the bank's branches are located in rural and semi-urban regions. As of December 31, 2024, the bank has 16397 contact points, including 2478 ATMs and 10653 BC Points.
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