UCO Bank Jumps to 80 crores in Q4 –

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Kolkata: Uco Bank rose to a nearly five-fold jump for the March Quarter at a net profit of Rs 80 crore based on treasury gains.
A year ago the net profit was Rs 17 crore for the same period.

After the continuous losses of the previous year, the bank gains Rs 167 crore of net profit for the full financial year.

At Rs 1533 crore, the operating profit was up by 26%. The net interest income also increases by 12.6% at Rs 1413 crore. And other treasury incomes included rose till 78% at Rs 1370 crore from Rs 769 crore over the same period.

With concern to the pandemic, RBI suggested selling off shares to help lenders and create a capital buffer by raising to Rs 3,000 crore. Capital Adequacy ratio was at 13.74% with core capital at 11.14% in the March-end.

Till the end of March, the bank advances rose by 3% at Rs 1.18 lakh crore. Gross non-performing assets were improved by 16.77% with provision ratio growth from 85.5% to 88.4%.