UCO Bank: UCO Bank has more than doubled its profit – mssewb.org

This time: UCO Bank’s net profit doubled to Tk 653 crore in the October-December quarter of the current financial year on the back of higher interest income and reduced bad loans. The bank posted a profit of Rs 310 crore in the October-December quarter of the financial year 2021-2022. Announcing the bank’s financial results on Tuesday, Managing Director and CEO Soma Shankar Prasad said, “The total income of the bank in the last quarter increased to Rs 5,451 crore from Rs 4,638 crore in the third quarter of last fiscal. At the same time, interest income rose to Rs 4,627 crore from Rs 3,919 crore. “

The bank’s non-performing loans fell to 5.63 per cent of its paid-up loans. That was 8 percent of the loan disbursed a year ago.

Soma Shankar said, “Tk 200 crore has been received as interest from Air India. Apart from this, the bank has recovered Rs 458 crore of outstanding loans. 45 per cent of our total debt is linked to repo rate. The central bank has been raising the repo rate continuously for the past few months. Interest rates on loans have increased, which has helped to increase overall interest income.”

UCO Bank had to set aside just Rs 220 crore from profit in the last quarter as it reduced bad loans. However, 565 crore rupees had to be transferred to this sector a year ago.

Leave a Comment