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UCO Bank witnesses highest net income for FY20-21

BNE ADMIN


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Guwahati: UCO Bank, a public sector lender of City Bank, recorded the highest net interest income of 6472.95 crores for the fiscal year ended March 2022, compared to 5479.70 crores for the fiscal year ending March 2021, representing an 18.13 percent increase.

This is the bank's highest-ever net interest income. The bank made a net profit of Rs. 929.76 crore in the fiscal year ended March 2022, up from a net profit of Rs. 167.03 crore in the fiscal year ended March 2021, and its operating profit increased by 15.63 percent to Rs. 4797.43 crore in the fiscal year ended March 2022, up from Rs. 4149.07 crore in the fiscal year ended March 2021. Savings Deposits increased by 8.97 percent from Rs. 70808.70 crore on March 31, 2021, to Rs. 77161.76 crore on March 31, 2022. As of 31.03.2022, the bank's CASA (domestic) was 40.26 percent. As of March 31, 2022, UCO Bank had a total business of Rs. 353850.24 crore, consisting of total deposits of Rs. 224072.90 crore and gross advances of Rs. 129777.34 crore.

The GNPA fell from 9.59 percent on March 31, 2021, to 7.89 percent on March 31, 2022, while the Net NPA fell from 3.94 percent on March 31, 2021, to 2.70 percent on March 31, 2022.

With an emphasis on financial soundness, the Provision Coverage Ratio (PCR) climbed to 91.44 percent as of 31.03.2022 from 88.40 percent as of 31.03.2021 and 91.30 percent as of 31.12.2021.

As of March 31, 2022, our bank's capital adequacy ratio is 13.74 percent and its CET-I ratio is 10.97 percent, according to Basel Ill standards. Credit risk management methods and tactics are being developed in recognition of the crucial need of managing NPAs to a sustainable level. Credit underwriting and administration procedures, as well as collection and recovery procedures, are being tightened. According to Soma Sankar Prasad, MD & CEO of UCO Bank, the bank's future focus would be on digital services, collection efficiency, risk-adjusted credit expansion, and recovery.

BNE ADMIN