UCO Bank’s net profit jumps 27% to Rs 639 cr

Retail, MSME & Agricultural credits rise 

Jorhat, January 22 (MExN): Public sector entity UCO Bank reported a net profit of Rs 639 crore in the third quarter of the financial year 2024-25, reflecting a 27% increase from Rs 503 crore during the same quarter last fiscal year.

Managing Director of UCO Bank, Ashwani Kumar, stated that the Bank's business increased by 12.28% year-on-year to Rs 4,88,911 crore, while gross advances grew by 16.44% year-on-year to Rs 2,08,655 crore, and gross deposits rose by 9.36% year-on-year to Rs 2,80,256 crore.

According to a press statement from UCO Bank's Zonal Office in Jorhat, Kumar further informed that the Bank's Retail, MSME, and Agricultural Credit (RAM) also saw a year-on-year increase of 22.01%, reaching Rs 1,14,350 crore. This included a 31.01% increase in retail credit, a 20.04% rise in agricultural credit, and a 12.75% increase in MSME credit.

The Capital Adequacy Ratio (CRAR) stood at 16.25%, and the Bank's business per employee rose to Rs 22.98 crore for the quarter.
The Managing Director also informed that in the December 2024 quarter, the bank's gross non-performing assets (NPA) decreased by 94 basis points (bps) to 2.91%, while the net NPA decreased by 35 bps to 0.63%.

Furthermore, the Bank disbursed loans worth Rs 23 crore under the Pradhan Mantri Surya Ghar Yojana and Rs 62 crore under the Electronic Vehicle Scheme.

UCO Bank also announced a partnership with food delivery apps Zomato and Swiggy to provide discounts for customers using the bank's debit cards for payments.

As per the statement, UCO Bank currently operates 3,263 domestic branches, 2 overseas branches (one in Hong Kong and one in Singapore), and a representative office in Iran. 

Of the total branches, 2010 (61%) are located in rural and semi-urban areas. As of December 31, 2024, the bank had 2478 ATMs and 10,653 Business Correspondent (BC) Points.
 



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