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News Topical, Digital Desk : Public sector UCO Bank released its quarterly results on Friday. The bank reported a nearly 3% increase in quarterly profit. Net interest income increased by more than 10% year-over-year. The bank's asset quality improved during the quarter, with NPAs falling slightly compared to the first quarter. The stock has seen pressure following the results, and is currently trading down more than 2%.
The bank's net profit increased 2.82% year-over-year to ₹620 crore, compared to ₹603 crore in the same quarter last year. Operating profit increased from ₹1,432 crore to ₹1,613 crore, a 12.64% annual increase. Net interest income also increased from ₹2,301 crore to ₹2,533 crore, a 10.08% increase. The bank's net interest margin was 2.90% globally and 3.08% domestically. Asset quality also improved. Gross NPAs declined 62 basis points year-over-year to 2.56%, while net NPAs declined 30 basis points to 0.43%. Net NPAs were at 2.8% and gross NPAs at 2.56% in the first quarter.
Stock performance: The stock declined after the results, closing at 30.75 from its previous close of 31.4. The stock's yearly low was 26.83, reached on April 7, 2025. The stock reached a yearly high of 52 on December 5, 2024.
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