HomeBusinessUCO Financial institution made revenue of greater than Rs 120 crore, web...

UCO Financial institution made revenue of greater than Rs 120 crore, web curiosity earnings elevated

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UCO Financial institution has made a revenue of Rs 123.61 crore within the first quarter ended 30 June 2022. The revenue of the state-run financial institution has elevated by 21.41% as in comparison with the identical interval final yr. UCO Financial institution had a revenue of Rs 101.81 crore within the June 2021 quarter. Nevertheless, the revenue after tax (PAT) has declined by 60.40 per cent within the June 2022 quarter as in comparison with the March 2022 quarter. The PAT within the March 2022 quarter was Rs 312.18 crore. Within the first quarter of the monetary yr (FY) 2023, the financial institution’s web curiosity earnings stood at 1649.54 crore, which is 12.96 p.c greater than the primary quarter of the earlier yr. Final yr the web curiosity earnings of the financial institution was Rs 1460.23 crore. Gross NPA of the financial institution diminished If we discuss concerning the asset high quality, then within the first quarter of the present monetary yr, the financial institution’s gross NPA (Non-Performing Belongings) stood at Rs 9,739.65 crore, as in opposition to Rs 11,321.76 crore throughout the identical interval of the earlier monetary yr. On the similar time, within the final quarter of the final monetary yr, the gross NPA was Rs 10,237.43 crore. In share phrases, gross NPAs stood at 7.42% for the June 2022 quarter, as in opposition to 9.37 per cent in the identical interval final yr. The online NPA of the financial institution stood at 2.49% within the first quarter of the present monetary yr. It was 3.85% throughout the identical interval final yr. On the similar time, within the final quarter of the final monetary yr, the web NPA was 2.70%. There was a pointy decline within the provisions of the financial institution in the course of the June 2022 quarter. Provisions declined by 75.66 per cent within the June quarter. Shares of UCO Financial institution closed at Rs 11.84, down 2.39 per cent on the Bombay Inventory Change on Friday.

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