State-owned Uco Bank reported a 23% rise in fourth quarter net profit to ₹801 crore, compared to ₹653 crore in the year-ago period. According to reports from The Economic Times, the bank's operating profit stood lower at ₹1,573 crore against ₹1,699 crore due to a fall in both core and non-interest income. The profit growth was primarily aided by lower provisions during the quarter.
The bank demonstrated significant improvement in asset quality metrics during the quarter. As reported by The Economic Times, gross NPA reduced by 52 basis points year-on-year to 2.17%, while net NPA reduced by 23 basis points to 0.27%. This improvement in non-performing assets reflects the bank's enhanced credit management and recovery efforts during the quarter.
According to The Economic Times, the bank's core banking operations showed strong growth momentum. Gross advances grew by 19.44% year-on-year to ₹2.63 lakh crore, while total deposits grew by 11.59% to ₹3.28 lakh crore. This growth in both lending and deposit mobilization indicates the bank's expanding business footprint and customer base expansion.
As reported by The Economic Times, the bank's net interest margin for the quarter was at 3% compared with 3.08% three months prior. The board proposed a 4.40% dividend, which is 44 paise per equity share for FY26. Additionally, the board approved raising ₹2,700 crore by selling shares in the fiscal, besides raising to ₹5,000 crore through issuance of BASEL III additional tier I bonds, tier II bonds or long-term infra bonds.
