UCO Bank announced FY24 results:
Financial Highlights:
- Business Growth - Bank has shown consistent growth where total Business grew by 9.50% YoY to Rs 4,50,007 crore ( 3.34% from Rs 4,35,456 crore. QoQ) and Gross Advances increased by 15.62% YoY to Rs 1,86,877 crore ( 4.29% from Rs 1,79,195 crore QoQ).
- Total Deposits grown by 5.53% YoY to Rs 2,63,130 crore (2.68% from Rs 2,56,261 crore. QoQ).
- Advances in Retail, Agriculture & MSME (RAM) Sectors - RAM segment of the Bank increased by 13.88% YoY to Rs 97,516 crore ( 4.05% from Rs 93,720 crore. QoQ) backed by 14.62% YoY growth in Retail advances , 13.16% YoY growth in Agriculture advances and 13.53% YoY growth in MSME advances.
- Reduction in NPA – Asset quality improvement is depicted by reduction in Gross NPA by 132 bps to 3.46% ( by 39 bps from 3.85% QoQ)
- Net NPA reduction by 40 bps to 0.89% ( by 9 bps from 0.98% QoQ)) as on 31.03.2024.
- Strong Capital Adequacy Ratio - Capital Adequacy Ratio (croreAR) improved by 47 bps to 16.98 % as on 31.03.2024 wherein Tier I Capital Ratio improved by 58 bps to 14.54% as of March 31, 2024.
- Profitability & Return - Operating Profit for the twelve months ended March 31, 2024, stood at Rs 4,576 crore, showing an increase of 5.43% YoY. The same has increased 13.74% QoQ from Rs 1,119 crore. to Rs 1,273 crore.
- Credit to Deposit Ratio registered an improvement of 620 bps to 71.02% on YoY basis.
- Dividend: After gap of nine years, the bank has recommended for declaring dividend @2.80% of face value i.e. 28 paisa per share.