UCO BANK POSTS HIGEST EVER QUARTERLY NET PROFIT…..

News stardom : Kolkata, 24th. January 2023. **Highlights of Financial Performance for the quarter ended 31st December, 2022**

** UCO Bank has posted net profit of Rs.652.97 Crore for the Q3FY23 as against Rs.310.39 Crore for Q3FY22 registering y-o-y growth of 110.37% which is the highest ever quarterly net profit in 80 years history of the Bank. Net profit for nine months ended December-22 rose to Rs.1,281 Crore which is also the highest ever nine months net profit.

 Net Interest Income (NII) for Q3FY23 increased to Rs.1,951.87 Crore as against Rs. 1,762.61 Crore for Q3FY22 registering y-o-y growth of 10.74% fuelled by healthy growth in loan book and improved yield on advances. NII for Q3FY22 includes an exceptional interest income due to recovery in the account of M/s Air India. If recovery from this account is excluded, the growth in NII shall come to 25% approximately on y-o-y basis for Q3FY23.

 Net Interest Margin (NIM) for Q3FY23 stood at 2.99% from 2.84% for Q2FY23 showing steady improvement. However, NIM for Q3FY22 was 3.03% which was propelled by recovery in the account of M/s Air India, otherwise NIM for Q3FY22 would have been at 2.69%.

 Other income for Q3FY23 increased to Rs.823.46 Crore as against Rs.719.15 Crore for Q3FY22 registering y-o-y growth of 14.51% aided by robust recovery in written off accounts and commission from third party products.

 Pre provisioning operating profit (PPOP) for the Q3FY23 increased to Rs. 1,353.91 Crore as against Rs. 1,340.30 Crore for Q3FY22.

 Global business scaled to its highest ever mark of Rs.3,94,228.98 Crore as on 31.12.2022 as against Rs. 3,44,321.66 crore as on 31.12.2021 registering y-o-y growth of 14.49%.

 Global Deposits also scaled to highest level of Rs.2,43,169.90 Crore as on 31.12.2022 as against Rs. 2,18,802.52 Crore as on 31.12.2021 registering y-o-y growth of 11.14%.

 CASA (Domestic) as on 31.12.2022 stood at 38.93%. Current deposits increased to Rs.11620 Crore as on 31.12.2022 from Rs.8606 Crore, thereby registering growth of 35.02% on y-o-y basis. Savings Deposits also increased to Rs.79,948.39 Crore as on 31.12.2022 as against Rs. 74,147.27 crore as on 31.12.2021 registering y-o-y growth of 7.78%.

 Loan Book stood at Rs.1,51,059.08 Crore as on 31.12.2022 as against Rs. 1,25,519.13 Crore as on 31.12.2021 registering a robust y-o-y growth of 20.35%.

 On Asset Quality front, Gross NPA reduced to Rs.8,506.08 Crore (5.63%) as on 31.12.2022 as against Rs.10,042.41 Crore (8.00%) as on 31.12.2021 and from Rs.9358.92 Crore (6.58%) as on 30.09.22.

 Net NPA reduced to Rs.2,406.90 Crore (1.66%) as on 31.12.2022 from Rs.3,333.59 Crore (2.81%) as on 31.12.2021 and from Rs.2,700.29 Crore (1.99%) as on 30.09.2022.

 Provision Coverage Ratio increased to 93.58% as on 31.12.2022 from 91.30% as on 31.12.2021 and from 92.90% as on 30.09.2022.

 Capital Adequacy Ratio improved to 14.32% as on 31.12.2022 from 14.02% as on 30.09.2022 and CET-1 Ratio at 11.57% as on 31.12.2022 from 11.25% as on 30.09.2022.