UCO Bank Q2 profit falls 20% to Rs 402 crore

HomeStock MarketUCO Bank Q2 profit falls 20% to Rs 402 crore

Published on

November 4, 2023

UCO Bank reported a 20% year-on-year decrease in net profit in Q2FY24, with a 80% sequential increase.
Recoveries from written off accounts were lower, falling 29% year-on-year but rising 11% quarter-on-quarter in Q2FY24.
The bank’s gross non-performing asset (GNPA) ratio fell from 6.58% in Q2FY23 and 4.48% in Q1FY24 to 4.14% as of September-end.
Net non-performing assets (NNPA) contracted seven basis points (bps) to stand at 1.11% as of September 30.
UCO Bank aims to reduce GNPAs below 4% and NNPA to below 1% by the end of FY24.

SourceMint