Uco Bank net profit jumps 147 pc to Rs 551 crore in Q1 ending June 30, 2024
22-Jul-2024 08:13 PM 5573
Kolkata, July 22 (Reporter) Uco Bank on Monday announced its net interest income (NII) for the quarter 1 ending June 30, 2024 stood at Rs 2,254 crore, registering a growth of 12 percent compared to Rs 2,002 crore for the same period last year. City based public sector bank total business grew by 11.46 pc to Rs.461408 crore on y-o-y, wherein Gross Advances increased by 17.64 pc to Rs. 193253crore on y-o-y & total deposits grown by 7.39 pc on y-o-y to Rs.268155 crore, announced Uco Bank MD and CEO Ashwani Kumar. Net profit for the quarter at this quarter end stood at Rs.551 crore as against Rs.223 crore for the same period of preceding year, registering a growth of 147.09 pc y-oy and operating profit for the quarter ended 30.06.2024 stood at Rs.1321 crore showing an increase of 9.81 pc on y-o-y basis. Total business grew by 11.46 pc on y-o-y to Rs.461408 crore ending this June from Rs.413972 crore and total deposits increased by 7.39 pcon y-o-y basis to Rs.268155 crore from Rs.249694 crore. Gross advances grew 17.64 pc on y-o-y to Rs.193253 crore on 30.,2024 as against Rs.164278 crore on 30.06.2023. The RAM (Retail, Agri & MSME) business stood at Rs.101986 crore as against Rs.85952 crore, registering an improvement of 18.65 pc on y-o-y basis and retail advances stood at Rs.42985 crore as against Rs.35280 crore,registering a growth of21.84 oc on y-o-y basis,fuelled by home loan and vehicle loan portfolio which registered a growth of 20.37 pc and 33.33 pc respectively on y-o-y basis. Business per employee improved to Rs.21.65 crore during Q1FY25 as against Rs.18.89crore for the same period of preceding year Operating profit for the quarter stood at Rs.1321 crore registering a growth of 9.81 pc on y-o-ybasis as against Rs.1203 crore for the same period of preceding year. Bank has a network of 3230 domestic branches and 2 overseas branches each at Hongkong and Singapore Centre & 1 Representative office in Iran. Out of the total branches, Bank has 61.73 pc i.e.1994 branches in rural & semi-urban areas. Bank has 2477 ATMs and 9885BC Points making the total number of 15595 touch points as on 30thJune 2024...////...
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