Share of UCO Bank on Friday slipped into the red after the lender reported a 20.38 per cent year-on-year (YoY) drop in net profit at Rs 401.67 crore for the September quarter compared with Rs 504.52 crore in the corresponding quarter last year. profit for the bank up 80 per cent on a sequential basis.
Net interest income (NII) for the quarter was up 8.3 per cent YoY at Rs 1,917 crore compared with about Rs 1,770 crore in the same quarter last year. The bank said its asset quality improved, with gross non performing asset (NPA) at 4.14 per cent against 4.48 per cent sequentially.
UCO Bank said its total business grew 10.56 per cent to Rs 4,17,145 crore YoY. While gross advances rose 17.99 per cent to Rs 1,67,734 crore YoY, total deposits were up 6.07 per cent at Rs 2,49,411 crore YoY.
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