Uco Bank Posts Highest Ever Annual Net Profit.

Mansi

12 months ago

**Shri-Soma-Sankara-Prasad-MD-CEO-UCO-Bank**

Uco Bank Posts Highest Ever Annual Net Profit. — **Shri-Soma-Sankara-Prasad-MD-CEO-UCO-Bank**

UCO Bank has posted highest ever Annual net profit of Rs.1862.34Crore for the year FY23as against Rs.929.76Crore for Year FY22 registeringy-o-y growth of 100.30%.
Global businesstouched Rs.4,10,967.19Crore as on 31.03.2023 as against Rs. 3,53,850.24Crore as on 31.03.2022 registering y-o-y growth of 16.14%. This is again highest ever in the history of the Bank.
Global Deposits scaled to highest level of Rs.2,49,337.74Crore as on 31.03.2023 as against Rs. 2,24,072.90 Crore as on 31.03.2022 registering y-o-y growth of 11.28%.
Loan Book stood at Rs.1,61,629.45Crore as on 31.03.2023 as against Rs. 1,29,777.34Crore as on 31.03.2022 registering a robust y-o-y growth of 24.54%.
Net Interest Income (NII) for FY23 increased to Rs.7,343.13 Crore as against Rs. 6472.95 Crore for FY22registering y-o-y growth of 13.44% fuelled by healthy growth in loan book and improved yield on advances.
Net Interest Margin (NIM) for FY23 stood at 2.87% from 2.81% for FY22 showing steady improvement.
On Asset Quality front, Gross NPA reduced to Rs.7,726.46Crore (4.78%) as on 31.03.2023 as against Rs.10,237.43Crore (7.89%) as on 31.03.2022 and from Rs.8506.08Crore(5.63%) as on 31.12.2022.
Net NPA reduced to Rs.2,018.02Crore (1.29%) as on 31.03.2023 from Rs.3,315.78Crore(2.70%) as on 31.03.2022 and from Rs.2,406.90Crore (1.66%) as on 31.12.2022.
Provision Coverage Ratio increased to 94.50% as on 31.03.2023 from 91.44% as on 31.03.2022 and from 93.58% as on 31.12.2022.
Capital Adequacy Ratio improved to 16.51% as on 31.03.2023 from 13.74%as on 31.03.2022 and Tier-1 Ratio at 13.96% as on 31.03.2023 from 10.97% as on 31.03.2022.