NEW DELHI: Uco Bank’s net profit fell 20% to Rs 402 crore for the quarter ending September 2023 as against Rs 504 crore last year.Net profit in the previous quarter (Q1 FY24) stood at Rs 223 crore. Net profit margin for the quarter was at 6.85% compared to 10.16% in Q2 FY23. The bank reported a net profit of Rs 625 crore in the first half of the current financial year (H1FY24), witnessing a marginal drop (0.4%) compared to Rs 628 in the same period last year. The drop in net profit is due to higher provisioning, the bank said.
Net Interest Margin (NIM)-Domestic for the half year stood at 3.12% as against 2.91% last year. Uco bank’s total business grew by 10.56% to Rs 417145 crore and gross advances grew 17.99 % to Rs167734 crore for the quarter. Retail, Agri and MSME business registered an improvement of 17.61% on a yearly-basis.Gross non-performing assets (NPA) came down to 4.14 % in the quarter against 6.58% last year. Net NPA improved to 1.11 % against 1.99%, up by 88 basis points.