UCO – Bank: Financial Results for the quarter ended 30 th September 2024
Business Growth – Total Business of the Bank stood at Rs.473704 crore as on 30.09.2024 showing an increase of 13.56% on y-o-y, wherein Gross Advances increased by 18% to Rs.197927 crore on y-o-y & Total Deposits grown by 10.57% on y-o-y to Rs.275777 crore.
* Profitability & Return– Net profit for the quarter ending 30.09.2024 stood at Rs.603 crore as against Rs.402 crore for the same period of preceding year, registering a growth of 50% y-oy. Operating Profit for the quarter ended 30.09.2024 stood at Rs. 1432 crore showing an increase of 45.82% on y-o-y basis.
* Advances in Retail, Agriculture & MSME (RAM) Sectors – RAM segment of the Bank increased by 20.16 % to Rs. 108200 crore on y-o-y backed by 29.36% y-o-y growth in Retail advances ,17.41% y-o-y growth in Agriculture advances and 11.32 % y-o-y growth in MSME advances.
* Reduction in NPA – Gross NPA reduced by 96 bps y-oy to 3.18 % as on 30.09.2024 whereas Net NPA reduced by 38 bps y-oy to 0.73 % as on 30.09.2024.
* Capital Adequacy Ratio – Capital Adequacy Ratio (CRAR) stood at 16.84% as on 30.09.2024 with Tier I Capital Ratio of 14.59%
* Credit to Deposit Ratio stood at 71.77% as on 30.09.2024.
Business Highlights
* Total Business grew by 13.56% on y-o-y to Rs. 473704 crore as on 30.09.2024 from Rs.417145 crore as on 30.09.2023.
* Total Deposits increased by 10.57% on y-o-y basis to Rs.275777 crore as on 30.09.2024 from Rs.249411 crore as on 30.09.2023.
* Gross Advances grew 18% on y-o-y to Rs.197927 crore as on 30.09.2024 as against Rs.167734 crore as on 30.09.2023.
* RAM (Retail, Agri & MSME) business stood at Rs.108200 crore as on 30.09.2024 as against Rs.90046 crore as on 30.09.2023, registering a growth of 20.16% on y-o-y basis.
* Retail Advances stood at Rs.47039 crore as on 30.09.2024 as against Rs.36362 crore as on 30.09.2023 registering a growth of 29.36% on y-o-y basis, fuelled by Home loan and Vehicle loan portfolio which registered a growth of 18.98% and 38.66% respectively on y-o-y basis.
* Agriculture Advances stood at Rs.26987 crore as on 30.09.2024 as against Rs.22985 crore as on 30.09.2023, showing a growth of 17.41% on y-o-y basis.
* Advances to MSME sector stood at Rs.34174 crore as on 30.09.2024 as against Rs.30699 crore as on 30.09.2023, registered a growth of 11.32% on y-o-y basis.
* Business per employee improved to Rs.22.10 crore during Q2FY25 as against Rs.19.06 crore for the same period of preceding year.
* Operating Profit for the quarter ended 30.09.2024 stood at Rs.1432 crore registering a growth of 45.82% on y-o-y basis as against Rs.982 crore for the same period of preceding year. For the half year ended September 2024, operating profit has grown by 26.05% to Rs.2753 crore as against Rs.2184 crore for the half year ended September 2023.
* Net Profit for the quarter ended 30.09.2024 stood at Rs.603 crore as against Rs.402 crore for the same period in the preceding year, registering a growth of 50% y-oy. Net profit stood at Rs.1154 crore for the half year ended September 2024 showing a growth of 84.64% y-oy as against Rs.625 crore for the half year ended September 2023.
* Net Interest Income (NII) for the quarter ended 30.09.2024 stood at Rs.2301 crore registering a growth of 20.03% on y-o-y basis as against Rs.1917 crore for the same period of preceding year. For the half year ended September 2024, Net interest Income(NII) grew by 16.02% on y-o-y basis to Rs.4555 crore as against Rs.3926 crore for the half year ended September 2023.
* Net Interest Margin(NIM) for the quarter ended 30.09.2024 stood at 3.10% as against 2.84% for the same period in the preceding year. For the half year ended September 2024, the NIM stood at 3.09% as against 2.92% for the half year ended September 2023.
Asset Quality
* Gross NPA improved to 3.18 % as on 30.09.2024 as against 4.14% as on 30.09.2023, registering an improvement of 96 bps y-o-y.
* Net NPA improved to 0.73 % as on 30.09.2024 as against 1.11% as on 30.09.2023, registering an improvement of 38 bps y-o-y.
* Provision Coverage Ratio stood at 95.92% as on 30.09.2024.
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Branch Network
* Bank has a network of 3247 domestic branches and 2 overseas branches each at Hongkong and Singapore Centre & 1 Representative office in Iran. Out of the total branches, Bank has 61.60 % i.e. 2000 branches in rural & semi-urban areas. Bank has 2472 ATMs and 10203 BC Points making the total number of 15925 touch points as on 30th September 2024.
