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’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.