UCO Bank has reported a net profit to Rs 21.45 crore for the June quarter on the back lower provisions and higher other income. The state-owned lender had posted a net loss of Rs 601.45 crore in the same quarter last year.
Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 5.11 per cent to Rs 1266.78 crore for the quarter ended 30 June against Rs 1334.97 crore reported during the same quarter of the previous fiscal. Other income, which includes core fee income, rose 22.83% year-on-year to Rs 773.93 crore during the period under review from Rs 630.08 crore. The lender made provisions worth Rs 1180.37 crore, versus Rs 1802.89 crore during the same quarter of the preceding fiscal.
Gross NPAs, as a percentage of gross advances, were at 14.38 per cent compared with 24.85 per cent as of June 2019 and 16.77 per cent as of March 2020. After provisions, net NPA ratio was at 4.95 per cent against 5.45 per cent during January-March and 8.98% in the year-ago quarter.
Shares of UCO Bank gained 3.67 per cent to Rs 14.70 apiece on Friday on BSE, while the benchmark index, Sensex lost 0.39% to 37587.50 points.