UCO Bank Q2 Results: Net profit dips over 20% to Rs 402 crore

UCO Bank Q2 Results: State-run UCO Bank on Friday said its net profit for the second quarter of the current fiscal dipped by 20.39 per cent to Rs 402 crore as compared to Rs 505 crore in the year-ago period.

The operating profit of the lender during the quarter under review also decreased by 17.47 per cent year-on-year to Rs 982 crore.

Net interest income of the bank increased by 8.30 per cent to Rs 1,917 crore during the second quarter as against Rs 1,770 crore in the corresponding period last year, it said in a regulatory filing.

The bank's global business grew to Rs 4,17,145 crore at the end of the September quarter as against Rs 3,77,305 crore in the same period previous fiscal.

The Kolkaka-headquartered bank said its global deposits stood at Rs 2,49, 411 crore at the end of the quarter, while global advances touched Rs 1,67,734 crore in the same period.

Under domestic advances, exposure to retail, agriculture and MSME stood at Rs 90,046 crore at the end of the July-September quarter, representing 63.15 per cent of total domestic loans.

The total provisioning of the lender, during the second quarter, stood at Rs 580 crore, lower than Rs 685 crore in the year-ago period.

Domestic net interest margin (NIM) of the bank stood at 3.05 per cent at the end of the second quarter, as compared to 2.97 per cent in the previous similar period.