UCO Bank profit up by 81% in Q1, share price to increase?
UCO Bank said its net interest margin (NIM) enhanced 12 basis points to 2.86 per cent from 2.74 per cent in the year-back quarter.
UCO Bank declared its quarterly results post-market hours on Friday.
Stocks of state-run UCO Bank would be in principle on Monday morning after the PSU bank reported an 80.80 per cent year-on-year (YoY) increase in net profit at Rs 223 crore for the June quarter compared with Rs 124 crore in the similar quarter last year. The lender said its net interest income (NII) for the quarter grew 21.78 per cent YoY to Rs 2,009 crore from Rs 1,650 crore in the related quarter last year.
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Gross non-performing purchases as a percentage of advances were at 4.48 per cent for the quarter compared with 4.78 per cent in March and 7.42 per cent in the year-back quarter. In value words, gross NPAs were Rs 7,355 crore compared with Rs 9,740 crore YoY.
The slippage ratio was 1.39 per cent against 1.32 per cent in March and 1.86 per cent in the year-back quarter. Credit cost was 0.97 per cent for the quarter against 1.07 per cent in March and 0.82 per cent in a similar quarter last year.
