UCO Bank reports net profit of Rs 80 crore for March 2021 quarter

UCO Bank has reported a net profit of INR 80.02 crore for the quarter ended March 2021 compared to a net profit of INR16.78 crore in the same quarter of 2020.

For the year ended March 2021, the Indian government-owned commercial bank made a net profit of INR 167.03 crore in comparison to a net loss of INR 2,436.83 crores for the year ended March 2020.

It is the first time in five financial years that UCO Bank registered a net profit.

UCO Bank reports net profit of Rs 80 crore for March 2021 quarter. Photo courtesy of খাঁ শুভেন্দু/Wikipedia.org.

UCO Bank’s operating profit for the March 2021 quarter was INR 1532.53 crore, compared to INR 1,216.6 crore for the quarter ended March 2020, which is an increase of 25.97%.

Its operating profit for the year ended 31 March 2021 moved up by 12.1% to INR 54,20.62 crore from INR 4,835.6 crore for the year ended 31 March 2020.