However, total income grew 17.45% to Rs 6,984.61 crore in the quarter ended 31 March 2024.

Net interest income (NII) increased 10.91% to Rs 2,187 crore in Q4 FY24 as compared with Rs 1,972 in Q4 FY23. Net interest margin (NIM) increased to 3.24% in Q4 FY24 as against 3.08% recorded in the corresponding quarter last year.

Operating profit was at Rs 1,273 crore in Q4 FY24, down 6.20% from Rs 1,357 crore posted in Q4 FY23.

On full year basis, the bank’s net profit fell 11.2% to Rs 1,653.74 crore despite of 24.61% rise in total income to Rs 25,119.87 crore in FY24 over FY23.

As on 31 March 2024, total business grew by 9.50% YoY to Rs 4,50,007 crore, wherein gross advances jumped 15.62% YoY to Rs 1,86,877 crore.

Total deposits increased by 5.53% to Rs 2,63,130 crore as on 31 March 2024 as against Rs 2,49,338 reported in the same quarter previous year.

The bank’s RAM (Retail, Agri & MSME) business stood at Rs 97,516 crore up by 13.88% YoY, wherein retail advances grew by 14.62% to Rs 40,161 crore, fuelled by home loan and vehicle loan portfolio which registered a growth of 21.23% and 31.24% respectively on YoY basis.

Agriculture advances grew by 13.16% to Rs 24,641 crore as against from Rs 21,775 posted in Q4 FY23.

Return on equity (ROE) reduced to 13.13% in Q4 FY24 as compared with 17.14% recorded in Q4 FY23. Return on asset (ROA) stood at 0.69% in Q4 FY24 as compared with 0.73% posted in Q4 FY23.

On asset quality front, the ratio of gross NPA improved to 3.46% as on 31 March 2024 as against 4.78% as on 31 March 2023, registering an improvement of 132 bps. Net NPA was at 0.89% as on 31 March 2024 as compared with 1.29% as on 31 March 2023, registering an improvement of 40 bps.

Provision coverage ratio increased to 95.38% as on 31 March 2024, up 88 bps from 94.50% posted as on 31 March 2023.

Capital Adequacy Ratio (CRAR) was up by 47 bps to 16.98% and tier I capital ratio improved by 58 bps to 14.54% in Q4 FY24.

UCO Bank has a network of 3,230 domestic branches and 2 overseas branches each at Hongkong and Singapore centre & 1 representative office in Iran. Out of the total branches, the bank has 61.73% i.e. 1,994 branches in rural & semi-urban areas. The bank has 2,477 ATMs and 9,808 BC points making the total number of 15,518 touch points as on 31 March 2024.

Meanwhile, the company’s board has recommended a dividend of Rs 0.28 per equity for the financial year ended 2024, subject to the approval from the shareholder. The record date is fixed on Friday, 10 May 2024.

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

Shares of UCO Bank shed 0.84% to Rs 58.01 on the BSE.