UCO BANK POSTS HIGHEST EVER ANNUAL NET PROFIT

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Shri Soma Sankara Prasad, MD & CEO, UCO Bank
Shri Soma Sankara Prasad, MD & CEO, UCO Bank
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Azadi Ka Amrit Mahoutsav

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Highlights of Financial Performance for the Year ended 31st March 2023

UCO BANK POSTS HIGHEST EVER ANNUAL NET PROFIT

UCO Bank has posted the highest ever Annual net profit of Rs. 1862.34 Crore for the year FY23as against Rs. 929.76 Crore for Year FY22 registering-o-y a growth of 100.30%.

Global business touched Rs. 4,10,967.19 Crore as of 31.03.2023 as against Rs. 3,53,850.24Crore as on 31.03.2022 registering y-o-y growth of 16.14%. This is again the highest ever in the history of the Bank.

Global Deposits scaled to the highest level of Rs.2,49,337.74Crore as of 31.03.2023 as against Rs. 2,24,072.90 Crore as of 31.03.2022 registering y-o-y growth of 11.28%.

Loan Book stood at Rs. 1,61,629.45 Crore as of 31.03.2023 as against Rs. 1,29,777.34 Crore as of 31.03.2022 registering a robust y-o-y growth of 24.54%. 

Net Interest Income (NII) for FY23 increased to Rs.7,343.13 Crore as against Rs. 6472.95 Crore for FY22registering y-o-y growth of 13.44% fuelled by healthy growth in loan book and the improved yield on advances.

Net Interest Margin (NIM) for FY23 stood at 2.87% from 2.81% for FY22 showing steady improvement.

On the Asset Quality front, Gross NPA reduced to Rs.7,726.46Crore (4.78%) as of 31.03.2023 as against Rs.10,237.43Crore (7.89%) as of 31.03.2022 and from Rs.8506.08Crore(5.63%) as on 31.12.2022.

Net NPA reduced to Rs.2,018.02Crore (1.29%) as on 31.03.2023 from Rs.3,315.78Crore(2.70%) as on 31.03.2022 and from Rs.2,406.90Crore (1.66%) as on 31.12.2022.

Provision Coverage Ratio increased to 94.50% as of 31.03.2023 from 91.44% as of 31.03.2022 and from 93.58% as of 31.12.2022.

Capital Adequacy Ratioimproved to 16.51% as of 31.03.2023 from 13.74%as of 31.03.2022 and the Tier-1 Ratio at 13.96% as of 31.03.2023 from 10.97% as of 31.03.2022.

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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