UCO Bank Profit Jumps Up By 2%

The net profit of UCO Bank grew marginally by 2% on yearly basis to Rs 521.4 crore in Q1FY15 against Rs 511.11 crore in the corresponding quarter of the previous year. This was mainly backed by the considerable fall in the other income and tax expenses of the bank.

The net interest income (NII) of the bank increased by 8.7% YoY to Rs 1483 crore in Q1FY15 against Rs 1364 crore in Q1FY14. But there was a substantial drop in the other income by 30% to Rs 322.23 crore against Rs 461.89 crore on sequential basis. 

The tax expenses increased significantly to Rs 163.52 crore against Rs 12.02 crore in the corresponding quarter of the previous year. On sequential basis, the provisions and contingencies decreased by 30.23% to Rs 517.14 crore from Rs 741.30 crore which helped the bottomline to increase. 

The asset quality of the bank improved marginally on sequential basis. Meanwhile Gross NPA and Net NPA on an absolute basis have decreased by 4.31% and 2.33% respectively and on sequential basis, it came in at Rs 6346.32 crore and Rs 3344.02 crore, respectively.

Post the numbers were announced; shares of the bank dropped by 6% and closed at Rs 101.10.