UCO Bank Q4 net rises 86%

Mumbai: Public sector UCO Bank on Tuesday reported an 86.2 per cent rise in net profit to Rs 581.24 crore for the March 2023 quarter on the back of a reduction in bad loans.

The bank reported a profit of Rs 312.18 crore in the January-March quarter of 2021-22. UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100 per cent year-on-year growth, the Kolkata headquartered lender said in a stock exchange filing. The net interest income (NII) at Rs 7,343.13 crore during the year too was the bank's highest ever.