UCO Bank (UCO Bank) recovered Rs 414 crore from 26 accounts through NCLT during the second quarter of the current financial year. An official gave this information on Sunday. He said that of the recovered amount, Rs 393 crore came from 14 resolved accounts and Rs 21 crore came from 12 accounts under insolvency proceedings. Let us inform you that UCO Bank has recently released the results of the second quarter of FY25. Last Friday, the company’s shares rose by 1.22 percent and closed at Rs 45.65 on BSE.
UCO Bank recovered Rs 414 crore
“During the July-September quarter, Rs 414 crore was recovered from accounts under resolution accounts and insolvency proceedings. Recovery through the resolution process during this period was Rs 393 crore, up from Rs 393 crore a year ago,” a senior bank official said. ₹82 crore and significantly higher than the June quarter figure of ₹34 crore.””
He said recoveries during the quarter under the government-backed National Asset Reconstruction Company Limited (NARCL) were negligible, with only one account worth Rs 4 crore being settled. The official said that as of September 30, 2024, UCO Bank had 238 accounts, which were sent for the Insolvency and Bankruptcy Code (IBC) process. The total amount under these was Rs 18163 crore.
By the end of September 2024, the lender had identified six accounts under NARCL with a total exposure of ₹878 crore. The bank’s gross NPA (non-performing asset) ratio declined to 3.18% in the September 2024 quarter from 4.14% a year ago, reflecting better asset quality. The lender said the net NPA ratio declined by 38 basis points year-on-year to 0.73 per cent during the quarter.
How were the quarterly results of UCO Bank?
In the July-September quarter, the bank’s net profit has increased by 50 percent on an annual basis. The bank has earned a profit of Rs 602 crore during this period. UCO Bank had registered a net profit of Rs 401.7 crore in the same quarter of the last financial year, the bank said in a regulatory filing.
Net interest income (NII) grew 20% to Rs 2,300.4 crore in the September quarter as against Rs 1,916.5 crore in the corresponding quarter of FY24. NII is the difference between the interest income earned by the bank from its lending activities and the interest paid to depositors.
The bank’s total business as of September 30, 2024 stood at ₹4,73,704 crore, a growth of 13.56% YoY, with gross advances growing by 18% to ₹1,97,927 crore and total deposits growing by 10.57% to ₹2,75,777 crore. . Operating profit for the quarter ending September 30, 2024 stood at ₹1,432 crore, a growth of 45.82% year-on-year.
UCO Bank recorded a credit to deposit ratio of 71.77% as of September 30, 2024. The total business of the bank increased by 13.56% year-on-year to ₹4,73,704 crore from ₹4,17,145 crore as on September 30, 2023. Total deposits grew 10.57% year-on-year to ₹2,75,777 crore, compared to ₹2,49,411 crore a year ago.
