UCO Bank Q4 net jumps 86%

Kolkata: UCO Bank has registered a 86% rise in net profit to Rs 581 crore for the quarter ended March 31, 2023, compared with Rs 312 crore same period last year, largely due to higher income from core operations.The bank has received interest from around 10-12 banks in Russia and Africa for opening rupee accounts, said its MD & CEO Soma Shankara Prasad. The bank has a special rupee account with Russia’s Gazprombank. UCO’s net interest income (NII) increased by nearly 19% at Rs 1,972 crore in Q4, up from Rs 1,653 crore in the year-ago period. The bank has witnessed an improvement in asset quality with the percentage of gross non-performing asset (NPA) coming down to 4.8% from (7.8%). In 2022-23, the bank posted 100 per cent rise in net profit at Rs 1,862 crore as compared to Rs 930 crore in FY-22. tnn