Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 20% to Rs 2,300.4 crore against 1,916.5 crore in the corresponding quarter of FY24.
Gross non-performing assets (GNPA) stood at 3.18% in the September quarter, as against 3.32% in the June quarter. Net arrears stood at 0.73%, compared to 0.78% quarter-on-quarter.
In monetary terms, gross NPA stood at Rs 6,293.86 crore as against Rs 6,420.12 crore q-o-q, while net NPA stood at Rs 1,406.44 crore as against Rs 1,473.42 crore q-o-q.
The bank’s net interest margin (NIM) for Q2FY25 stood at 3.10%, showing an improvement over 2.84% in the corresponding quarter of the previous year. During the first half of FY25, the NIM was 3.09%, compared to 2.92% for the same period of FY24.
The bank’s total business stood at $4,73,704 crore as on September 30, 2024, showing an increase of 13.56% year-on-year, in which gross advances increased by 18% as of $1,97,927 crore YoY and total deposits grew by 10.57% YoY for $2,75,777 crores. Operating profit for the quarter ended September 30, 2024 stood at $
1,432 crore, showing an increase of 45.82% year on year.
Advances in the bank’s retail, agriculture and MSME (RAM) sectors increased by 20.16% to $1,08,200 crore YoY supported by 29.36% YoY growth in Retail Advances, 17.41% YoY growth in Agricultural Advances and 11.32% YoY growth in MSME Advances. The Capital Adequacy Ratio (CRAR) stood at 16.84% as of September 30, 2024, with a Tier I Capital Ratio of 14.59%.
UCO Bank reported a credit-deposit ratio of 71.77% as of September 30, 2024. The bank’s total business grew by 13.56% year-on-year, reaching Rs 4,73,704 crore, up from Rs 4,17,145 million. rupees of September 30. 2023. Total deposits increased 10.57% year-on-year to Rs 2,75,777 crore, compared to Rs 2,49,411 crore a year ago.
Gross advances saw solid growth, rising 18% year-on-year to Rs 1,97,927 crore, up from Rs 1,67,734 crore a year ago. Business per employee also improved, touching Rs 22.10 crore during Q2FY25, up from Rs 19.06 crore in the year-ago period.
UCO Bank’s retail advances reached Rs 47,039 crore as on September 30, 2024, marking a strong year-on-year growth of 29.36%, driven by its home and vehicle loan portfolios. Home loans grew by 18.98%, while vehicle loans increased by 38.66% year-on-year.
Additionally, the bank’s agricultural advances increased by 17.41% year-on-year, reaching Rs 26,987 crore as of September 30, 2024, up from Rs 22,985 crore a year earlier. The results were known after the close of market hours. On October 18, shares of UCO Bank Ltd ended at ₹45.65, up ₹0.55, or 1.22% on the BSE.
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