Invest
UCO Bank announced Q2FY24 results:
1. Business Growth:
- Total Business grew by 10.56% to Rs 4,17,145 crore on a YoY basis.
- Gross Advances increased by 17.99% to Rs 1,67,734 crore on a YoY basis.
- Total Deposits grew by 6.07% to Rs 2,49,411 crore on a YoY basis.
2. Advances in Retail, Agriculture, and MSME (RAM) Sectors:
- RAM segment of the Bank increased by 17.61% to Rs 90,046 crore on a YoY basis.
- Retail advances grew by 17.09% to Rs 36,362 crore.
- Agriculture advances grew by 14.32% to Rs 22,985 crore.
- MSME advances grew by 20.83% to Rs 30,699 crore.
3. Reduction in NPA:
- Gross NPA reduced by 244 bps to 4.14% as of September 30, 2023.
- Net NPA reduced by 88 bps to 1.11% as of September 30, 2023.
4. Strong Capital Adequacy Ratio:
- Capital Adequacy Ratio (CRAR) improved by 281 bps to 16.83% as of September 30, 2023.
- Tier I Capital Ratio improved by 294 bps to 14.19% as of September 30, 2023.
5. Improved Profitability & Return:
- Net Profit of the Bank increased by 80% approximately to Rs 402 crore on a QoQ basis.
- Return on Equity improved by 390 bps to 10.94% on a QoQ basis.
- Return on Assets showed an improvement of 26 bps to 0.54%.
6. Credit to Deposit Ratio:
- Credit to Deposit Ratio improved by 680 bps to 67.25% on a YoY basis.
7. Branch Network:
- The bank has a network of 3,213 domestic branches and 2 overseas branches in Hong Kong and Singapore, along with 1 Representative office in Iran.
- Out of the total branches, 61.78% or 1,985 branches are located in rural and semi-urban areas.
- The bank has 2,472 ATMs and 8,747 BC Points, making the total number of touch points 1,4435 as of September 30, 2023.
FAQ’s on UCO Bank Shares
