UCO Bank posts 27pc rise in Q3FY'25 net profit to Rs 638.8 crore

State-run UCO Bank on Tuesday reported a 27.1 per cent year-on-year increase in its net profit to Rs 638.83 crore for the third quarter of the current fiscal.

The lender had posted a net profit of Rs 502.83 crore in the same quarter last year.

The bank's total income grew by 15.5 per cent to Rs 7,405.89 crore in the October-December period of the 2024-25 financial year (FY'25), as compared to Rs 6,412.71 crore in the corresponding period last year.

Interest earned during the quarter rose to Rs 6,219.96 crore from Rs 5,551.89 crore a year ago, driven by higher advances and improved yields.

For the nine months ended December 31, 2024, UCO Bank reported a 58.9 per cent increase in net profit to Rs 1,792.53 crore, up from Rs 1,127.97 crore in the year-ago period.

The total income, during the nine months, stood at Rs 21,33,674 crore, a 17.6 per cent rise from Rs 18,13,526 crore in the corresponding period last year, the lender said.

Asset quality improved, with the gross non-performing asset (NPA) ratio declining to 2.91 per cent as of December 31, 2024, from 3.78 per cent a year earlier.

The provision coverage ratio (PCR) strengthened to 96.16 per cent during the same period, up from 95.21 per cent a year ago.