UCO Bank recorded 371% growth with its net profit at ₹80 crores for the quarter ended March 31, 2021, as compared to ₹17 crores during the corresponding quarter last year by the virtue of a higher net interest income and other income.

The bank’s net interest income increased by 13% at ₹1,412 crores through the quarter under review as compared to ₹1,254 crores during the corresponding quarter last year. Other incomes increased by 78% at ₹1,370 crores as compared to ₹769 crores during the corresponding quarter last year. The bank recorded a net profit of ₹167 crores for the year ended March 31, 2021, as compared to a net loss of ₹2,437 crores recorded in 2019-20.  The total provisions during the quarter rose by 49% at ₹1,783 crores as compared to ₹1,193 crores. However, provisions for non-performing assets (NPA) observed a slump at ₹770 crores as compared to ₹1,089 crores. The percentage of gross NPA to advances fell from 16.77% to 9.59%, while net NPA got down from 5.45% to 3.94%.

According to the statement made by the bank, it had fresh slippages of around ₹2,449 crores during the March quarter, primarily coming from retail, agriculture, MSME, and large corporates. During the quarter ended March 31, 2021, the bank reported 28 borrowal accounts as frauds involving a total amount of ₹1,238 crores. The bank’s scrip closed at ₹13.30, higher by 2.54% on BSE on Thursday.