UCO Bank, a public sector lender, reported a Year-on-Year increase in earnings for the fourth quarter of FY23. The bank’s PAT was 581.24 crore in Q4FY23, an increase of 86.19 per cent from 312.18 crore in the same quarter last year. Net interest income (NII) climbed by 19.34 per cent in the quarter to 1,972.11 crore, up from 1,652.38 crore in Q4 of FY22.
PAT at UCO Bank fell 10.98 per cent during Q4FY23, compared to a profit of 652.97 crore in the December 2022 quarter. NII, on the other hand, increased by 1.03 per cent year on year.
Provisions increased to 450.54 crore in the current quarter, up from 332.42 crore in Q3FY23 and 465.60 crore in Q4FY22.
Gross non-performing assets (GNPA) fell dramatically to 4.78 per cent in Q4FY23, compared to 7.89 per cent in Q4FY22 and 5.63 per cent in Q3FY23. Net NPA was 1.29 per cent in Q4FY22, down from 1.66 per cent in Q3FY23 and 2.70 per cent in Q4FY22.
UCO Bank reported its highest-ever net profit of 1,862.34 crore for the fiscal year FY23, up 100.30 per cent from 929.76 crore in FY22.
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In addition, the lender had its highest ever NII of 7,343.13 crore in FY23, up 13.44 per cent from 6,472.95 crore in FY22, owing to a significant increase in loan book and increased yield on advances. Net interest margin (NIM) was 2.87 per cent for the fiscal year, indicating consistent increase.
As of March 31, 2023, the bank had the highest-ever level of global deposits of 2,49,337.74 crore, up 11.28 per cent year on year. Loan book was also the biggest it had ever been at 1,61,629.45 crore, up 24.54 per cent year on year.
UCO Bank’s board of directors authorised the issuing of up to 200 crore equity shares with a face value of 10 apiece at an appropriate premium in order to raise 2,000 crore in equity capital in the fiscal year FY24.
This will be done in one or more tranches using market options such as follow-on public offers, qualified institutional placement, and so on.
