Indian public sector bank UCO Bank Q3FY23 profit up by 110% to Rs 653cr

UCO Bank has registered a net profit of INR 652.97 crores for the quarter ended 31 December 2022 (Q3FY23), which is a surge of 110.4% compared to a net profit of INR 310.4 crores in the same quarter of FY22.

According to the Indian government-owned commercial bank, this is the highest-ever quarterly net profit in its 80 years history.

UCO Bank‘s net profit for nine months ended 31 December 2022 stood at INR 1,281 crores.

Indian public sector bank UCO Bank Q3FY23 profit up by 110% to Rs 653cr. Photo courtesy of Jagseer01/Wikimedia Commons.

The Indian public sector bank stated that its Q3FY23 net interest income (NII) moved up b 10.7% to INR 1,951.87 crores, compared to INR 1,762.61 crores for Q3FY22 owing to a 20.3% year-over-year growth in loan book and the better yield on advances.

UCO Bank revealed that its loan book was at INR 1,51,059.08 crores as on 31 December 2022, compared to INR 1,25,519.13 crores as on 31 December 2021.