UCO Bank logs multi-fold jump in Q2 profit at Rs 205 cr

UCO Bank on Thursday reported multi-fold jump in net profit at Rs 205.39 crore for the second quarter ended September 2021 as bad loans fell.

The Kolkata-headquartered public sector lender registered a net profit of Rs 30.12 crore in the year-ago period.

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Total income in July-September 2021-22 rose to Rs 4,655.86 crore from Rs 4,327.13 crore in the year-ago period, UCO Bank said in a regulatory filing.

The bank improved on its bad assets significantly as gross non-performing assets (NPAs) fell to 8.98 per cent at the end of September 2021 quarter from 11.62 per cent by the same period of 2020.

Value-wise, gross NPAs fell to Rs 10,909.79 crore as against Rs 13,365.74 crore.

Net NPAs (bad loans) stood at 3.37 per cent (Rs 3,854.33 crore) from 3.63 per cent (Rs 3,831.88 crore).

As the NPA proportions fell, the bank's provisions for bad loans and contingencies for the quarter also came down to Rs 1,018.62 crore from Rs 1,301.10 crore marked for the year-ago period.

UCO Bank stock was trading 0.95 per cent down at Rs 14.54 on BSE.