NEW DELHI: State-run UCO Bank on Thursday reported nearly 583% rise in net profit at Rs 205.39 crore for the quarter ended September, on the back of high interest income and rising cost.
The bank had registered a net profit of Rs 30.12 crore in the year-ago period. Total income in July-September 2021-22 rose to Rs 4,655.86 crore from Rs 4,327.13 crore in the year-ago period, UCO Bank said in a regulatory filing.
Net interest income (NII) grew by 15% to Rs 1,598 crore during the quarter under review, against Rs 1,394 crore during the same period last year.
The operating profit increased by 24%.
The bank improved on its bad assets significantly as gross non-performing assets (NPAs) fell to 8.98% at the end of September 2021 quarter from 11.62% by the same period of 2020. Value-wise, gross NPAs fell to Rs 10,909.79 crore as against Rs 13,365.74 crore.