MUMBAI: Kolkata-based mid-sized public sector lender Uco Bank has said its net profit rose to Rs 739.51 crore in the December quarter, up 15.8% from Rs 638.83 crore in the corresponding period a year ago.
The bank on Friday said total income rose to Rs 7,521.16 crore up from Rs 7,405.89 crore in the year-ago period, while interest earned rose to Rs 6,651.84 crore as against Rs 6,219.96 crore.
The bank said the bottom line bugle was led by lower provisions and contingencies that dropped to Rs 525.12 crore from Rs 589.51 crore.
The bank has also improved its asset quality, with gross non-performing assets decreasing to 2.41% from 2.91% last year. In absolute terms, gross NPAs stood at Rs 5,867.25 crore, down from Rs 6,081.55 crore in the same period last year. Net NPAs also improved, dropping to 0.36% at Rs 852.55 crore from 0.63% at Rs 1,283.13 crore.
The lender's capital adequacy ratio was 17.43 per cent as of December 31, improving from 16.25 per cent reported in the corresponding period of the previous year.