CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: UCO Bank Reports Net Profit of ₹551 Crore for Q1 of Financial Year 2024-25″ UCO Bank’s press conference, led by the esteemed Managing Director and CEO Mr. Ashwani Kumar, unveiled the financial results for the first quarter of the fiscal year 2024-25. The bank reported a net profit of ₹551 crore, marking a significant increase of 147.09% compared to the first quarter of the previous fiscal year.
In addition to this impressive profit growth, the bank has recorded positive developments across all key metrics. The bank’s total non-performing assets (NPAs) have decreased to 3.32%, while the total business of the bank has grown by 11.46%, reaching ₹4,61,408 crore. There has been a 12.20% increase in net interest income compared to the same period last year. Furthermore, the total advances have increased by 17.64%, and total deposits have grown by 7.39%. Operational profit has also risen by 9.81% compared to the first quarter of the previous fiscal year.
In his address to the press, MD Ashwani Kumar highlighted that the bank is now focusing on deposit growth and loan expansion. The current focus is on investing in foreign business, improving market share, and enhancing the quality of business and corporate performance. The bank aims to drive further growth and deliver superior customer service through innovative products and schemes.
Notably, to boost business growth and attract new customers, the bank is launching a special “Monsoon Magic” home and car loan campaign from July 15, 2024, to September 30, 2024, offering a 100% waiver on processing charges for home and car loans. The bank is also emphasizing MSME loans to support medium and small enterprises.
Mr. Lokesh Kumar, the regional head of UCO Bank’s Bhopal Circle, attended the conference virtually. He informed that under the bank’s business policy, special camps for MSME, retail, and agricultural loan distribution, as well as financial inclusion schemes like PMJBY, PMSBY, and APY, are being organized across all 97 branches in the Bhopal Circle.
