Public sector lender UCO Bank
announced a whopping 206.95% y-o-y jump in its net profit to Rs 314.53 Cr for
the quarter ended December 31, 2013, from Rs 102.47 Cr in the year-ago period.
This was largely on the account of a more than 36% jump in its operating profit.
The Kolkata-headquartered bank’s asset quality also improved as the gross as
well as net non-performing assets (NPAs) were trimmed. The bank’s operating
profit rose to Rs 1,137 Cr for the third quarter this fiscal against Rs 831 Cr
in the year-ago period, on the back of a substantial rise in net interest income
(NII). NII during the period under review stood at Rs 1,566 Cr against Rs 1,177
Cr in the year-ago period, registering 32.97% y-o-y growth. Retail lending saw a
high growth, while corporate lending declined. UCO Bank CMD Arun Kaul attributed
the more-than-three-fold rise in net profit to healthy growth in net interest
income, rise in Casa ratio and a decrease in cost of funds.
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