CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Kolkata, January 2025: UCO Bank has announced its financial results for the quarter ended December 31, 2024, delivering exceptional growth in business, profitability, and operational performance.
Key Highlights:
Business Growth
Total Business: ₹4,88,911 crore, a 12.28% year-on-year (YoY) growth.
Gross Advances: ₹2,08,655 crore, marking a 16.44% YoY increase.
Total Deposits: ₹2,80,256 crore, a growth of 9.36% YoY.
Profitability
Net Profit: ₹639 crore, a 27.04% increase from ₹503 crore in Q3 FY24.
Operating Profit: ₹1,586 crore, up 41.73% YoY.
Net Interest Income (NII): ₹2,378 crore, reflecting a 19.62% YoY growth.
Net Interest Margin (NIM): Improved to 3.17% from 2.84% in the previous year.
Sectoral Advances
Retail Advances: ₹50,055 crore (+31.01% YoY), driven by Home Loans (+19.35%) and Vehicle Loans (+51.93%).
Agriculture Advances: ₹28,033 crore (+20.04% YoY).
MSME Advances: ₹36,262 crore (+12.75% YoY).
Asset Quality
Gross NPA: Reduced to 2.91%, an improvement of 94 basis points YoY.
Net NPA: Improved to 0.63%, down by 35 basis points YoY.
Provision Coverage Ratio: Strong at 96.16%.
Capital Adequacy
CRAR: Stood at 16.25%, with a Tier I Capital Ratio of 14.17%.
Credit-Deposit Ratio: Maintained at 74.45%.
Network Expansion
UCO Bank’s extensive network includes:
Branches: 3,263 (61% in rural and semi-urban areas), with 2 overseas branches in Hong Kong and Singapore and a representative office in Iran.
Touchpoints: 16,397, comprising 2,478 ATMs and 10,653 BC points.
Operational Efficiency
The business per employee improved to ₹22.98 crore during Q3 FY25, compared to ₹20.06 crore in the corresponding period last year.
UCO Bank continues to demonstrate its commitment to sustainable growth and operational excellence, honoring the trust and support of its valued stakeholders.
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For further information, please contact:
UCO Bank Corporate Communications
Email: [Contact Info]
Website: www.ucobank.com
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