Saturday 29 July 2023 | PNS | DEHRADUN
The UCO Bank in its recently published report claimed around 81 per cent jump in its net profit to Rs 223.48 crore for the June quarter of the current financial year 2023-24, backed by close to a three-fold rise in the operating profit.
The lender had posted a net profit of Rs 123.61 crore for the year-ago period. The report further said that the asset quality improved while gross NPA declined by 24.49 per cent to Rs 7,354.77 crore against Rs 9,739.65 crore for the year-ago period.
The gross NPA ratio fell 294 bps to 4.48 per cent while the net NPA ratio declined 131 bps to 1.18 per cent. The managing director and chief executive officer of the bank Ashwani Kumar said that during the quarter under review, the profitability has improved as there was no provisioning required against mark-to-market (MTM).
