UCO Bank Q4 results: Net profit jumps three-fold to Rs 312 cr, dividend remains undeclared
Kolkata/IBNS: The 95 percent state-owned UCO Bank registered a net profit jump of 290 percent to Rs 312 crore in the quarter ended March 2022 as against Rs 80 crore in quarter ended March 2021.
In the fiscal year 2022, UCO Bank’s net profit jumped by 456 percent to Rs 929 crore from 167 crore in FY21.
Operating Profit of the bank for the year ended March 2022 increased to Rs 4,797.43 crore as against Rs 4,149.07 crore for the year ended March 2021 registering a growth of 15.63 percent.
The total income during FY22 came up to Rs 18,082 crore from Rs 17,870 crore recorded last year.
The 78-year-old bank informed that the bad asset portion has fallen down as the gross non-performing assets (GNPA) was registered at Rs 10,237 crore in Q4 FY22 from Rs 11,352 crore in Q4 FY21.
Similar effect occured with Net NPA of the bank as it dipped to 2.70 percent from 3.94 percent.
Net Interest Income (NII) of the bank for Q4 FY22 has increased to Rs 1,652.38 crore from Rs 1,412.61 crore for the quarter ended March 2021, clocking a growth of 16.97 percent.
NII of the bank for the year ended March 2022 elevated to Rs 6,472.95 crore from Rs 5,479.70 crore for the year ended March 2021, registering a growth of 18.13 percent.
This is the highest Net Interest Income earned by the Bank.
Sharing a list of growth segments for the present year, MD Soma Sankara Prasad and CEO at UCO Bank said under infrastructure- steel, power, road and rail remain prominent while in retail personal and even car loans are keen prospects.
Due to the National Agriculture Innovation Fund's (NAIFs) one lakh corpus dedicated to agriculture, and the support of Guaranteed Emergency Credit Line (GECL) to Micro, Small and Medium Enterprises (MSMEs) both segments will be eyed for growth, he said.
On the dividend front, he said a call will be taken on whether to declare dividends or not before our Annual General Meeting (AGM).
Highlighting the bank's expansion plans, Prasad said, "200 new branches will be introduced this year all over the country, as we shift our focus from recovery to profitability."
"In West Bengal, over 25 new branches will begin to function and 60 overall in Northeast India,"he said.