The public sector lender UCO Bank reported an 81% increase in net profit at Rs 222.48 crore for the quarter ending on 30 June of the current fiscal year against the Rs 123.61 crore reported in the year-ago quarter.

The bank’s gross non-performing assets tumbled by 4.48% from the 7.42% reported in the year-ago quarter.

The net non-performing assets were also down by 1.18% YoY against 2.49%.

The company’s net interest income gained by 21.78% to Rs 2,008.80 crore for the June quarter from Rs 1,649.54 crore in the same quarter in the last fiscal year.

Return on Assets improved to 0.28% with an improvement of 11 basis points YoY.

UCO Bank’s total business grew by 16.06% to Rs 4,13,972 from Rs 3,56,677 crore, while the total deposit went up by 10.81% to Rs 2,49,694 crore against the Rs 2,25,328 crore in the Q1FY23.

Ashwani Kumar, MD and CEO of UCO Bank said, “UCO Bank’s slippage ratio has come down and is expected to remain in the range of 1-1.25 percent by FY24. Additional provision has been done of Rs 530 crores against restructuring book,”

At 3:30 pm, shares of UCO Bank closed at Rs 28.25 or 1.74% below its previous close on NSE.