Shimla: UCO Bank’s biz witnesses 11% year-on-year growth

Shimla, July 24

The total business of UCO Bank grew by 11.46 per cent on year-over-year (y-o-y) basis from Rs 4,13,972 crore (as on June 30, 2023) to Rs 4,61,408 crore (as on June 30, 2024).

This was stated by UCO Bank Managing Director (MD) and Chief Executive Officer (CEO) Ashwani Kumar in a press release issued here recently.

According to Kumar, total deposits increased by 7.39 per cent on y-o-y basis from Rs 2,49,694 crore to Rs 2,68,155 crore. Similarly, Gross Advances grew 17.64 per cent to Rs 1,93,253 crore from Rs 1,64,278 crore.

Retail, Agri & MSME business stood at Rs 1,01,986 crore as on June 30, as against Rs 85,952 crore in the previous quarter, registering an improvement of 18.65 per cent on y-o-y basis.

Retail Advances stood at Rs 42,985 crore this year as against Rs 35,280 crore as on June 30, 2023, registering a growth of 21.84 per cent on y-o-y basis, fuelled by home loan and vehicle loan portfolio, which registered growth of 20.37 per cent and 33.33 per cent, respectively, on y-o-y basis.

Net profit for the quarter ended June 30 stood at Rs 551 crore as against Rs 223 crore for the same period in the preceding year, registering a growth of 147.09 per cent on y-o-y basis.

Net Interest Income (NII) for the quarter ended June 30 stood at Rs 2,254 crore, registering a growth of 12.20 per cent on y-o-y basis as against Rs 2,009 crore for the same period in the preceding year.