Bhopal (Madhya Pradesh): UCO Bank’s total business grew by an impressive 16.06% reaching Rs. 413,972 crore, with total deposits up by 10.81% to Rs 249,694 crore and gross advances increasing by a substantial 25.07% to Rs 164,278 crore in quarter that ended on June 30, 2023 in comparison to June 2022.
The credit to deposit ratio improved to 65.79% and there were significant improvements in gross and net NPAs, provision coverage ratio, and capital adequacy. Net profit surged by an impressive 80.80% to Rs 223.48 crore, operating profit showed remarkable growth of 173.30% and Net Interest Income (NII) saw substantial growth rising by 21.78% year-on-year (Y-o-Y).
Overall, UCO Bank demonstrated strong performance and improved asset quality during the mentioned quarter. Bank has launched special home, car loan campaign launched with attractive interest rates and processing charges waiver.
