Home / Business and Economy / UCO Bank's Profit Climbs 8% on Strong Income
UCO Bank's Profit Climbs 8% on Strong Income
22 Jul
Summary
- Net profit rose 8% to ₹656.3 crore in Q1FY27.
- Net interest income surged 17% year-on-year.
- Gross NPA improved to 2.08% and net NPA to 0.25%.
UCO Bank has announced its financial results for the first quarter of fiscal year 2027, revealing an 8% year-on-year increase in net profit. The lender posted a net profit of ₹656.3 crore for the June quarter, a notable rise from the ₹607.4 crore recorded in the same period last year. This performance was bolstered by a strong 17% expansion in net interest income (NII), which grew to ₹2,808 crore.
The bank also saw significant improvements in its asset quality. Gross non-performing asset (NPA) ratios declined to 2.08% by the end of the June quarter, down from 2.17% in the previous quarter. Similarly, net NPA ratios saw a reduction, falling to 0.25% from 0.27%.
Further contributing to the profitability was a reduction in provisions, which stood at ₹234.6 crore in Q1FY27. This marks a decrease from ₹326.1 crore in the preceding quarter and a substantial drop from ₹616 crore in the year-ago period. The combination of higher core income and lower credit costs underpinned the bank's earnings growth.
