UCO Bank Share Price – NSE  /  BSE

Banks, Small Cap

Net profit of UCO Bank declined 18.85% to Rs 403.54 crore in the quarter ended September 2023 as against Rs 497.29 crore during the previous quarter ended September 2022. Total Operating Income rose 24.71% to Rs 5218.82 crore in the quarter ended September 2023 as against Rs 4184.89 crore during the previous quarter ended September 2022.

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Net interest income (NII) increased 8.30% to Rs 1,917 crore in Q2 FY24 as compared with Rs 1,770 in Q2 FY23. Net interest margin (NIM) stood at 3.05% in Q2 FY24 as against 2.97% in Q2 FY23.

During the quarter bank’s total business grew by 10.56% YoY to Rs 4,17,145 crore, wherein Gross Advances increased 17.99% YoY to Rs 1,67,734 crore.

Total deposits jumped 6.07% to Rs 2,49,411 crore as against from Rs 2,35,149 recorded in corresponding quarter last year.

Bank’s RAM (Retail, Agri & MSME) business stood at Rs 90,046 crore up by 17.61% YoY, wherein retail advances grew by 17.09% to Rs 36,362 crore, fuelled by Home loan and Vehicle loan portfolio which registered a growth of 21.24% and 27.49% respectively

Agriculture advances grew by 14.32% to Rs 22,985 crore as against from Rs 20,105 posted in Q2 FY23. And MSME advances grew by 20.83% YoY to Rs.30,699 crore.

Return on equity (ROE) improved by 390 bps to 10.94% in Q2 FY24 as compared with 9.76% recorded in corresponding quarter last year. Return on asset (ROA) stood at 0.54% in Q2 FY24 as compared with 0.68% recorded in Q2 FY23.

Gross NPA stood at Rs 6,939.35 crore as on 30 September 2023 as compared with Rs 9,358.92 crore as on 30 September 2022.

The ratio of gross NPAs stood at 4.14% as on 30 September 2023 as against 6.58% as on 30 September 2022 and 4.48% as on 30 June 2023.net NPA was at 1.11% as on 30 September 2023 as compared with 1.99% as on 30 September 2022 and 1.18% as on 30 June 2022.

Provision coverage ratio improved to 95.07% in Q2 FY24 as against 92.90% posted in Q2 FY23, registering an improvement of 217 bps.

Capital Adequacy Ratio (CRAR) improved by 281 bps to 16.83% and Tier I Capital Ratio improved by 294 bps to 14.19% in Q2 FY24.

Bank has a network of 3,213 domestic branches and 2 overseas branches at Hongkong and Singapore & 1 Representative office in Iran. Out of the total branches, Bank has 61.78 % i.e. 1985 branches in rural & semi-urban areas. Bank has 2,472 ATMs and 8,747 BC Points making the total number of 14435 touch points as on 30 September 2023

UCO Bank is engaged in providing wide range of banking and financial services including retail banking, corporate banking and treasury operations.

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UCO Bank will hold a meeting of the Board of Directors of the Company on 3 November 2023.

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UCO Bank is up for a third straight session today. The stock is quoting at Rs 39.8, up 7.13% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.25% on the day, quoting at 20154. The Sensex is at 67679.83, up 0.24%. UCO Bank has gained around 30.92% in last one month.

Meanwhile, Nifty Pharma index of which UCO Bank is a constituent, has gained around 11.26% in last one month and is currently quoting at 5019.65, up 0.38% on the day. The volume in the stock stood at 1209.22 lakh shares today, compared to the daily average of 288.23 lakh shares in last one month.

The PE of the stock is 22.57 based on TTM earnings ending June 23.

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