Lower provisions helped state-owned Uco Bank report a 23% rise in fourth quarter net profit at Rs 801 crore as against Rs 653 crore in the year-ago period. The bank’s operating profit, meanwhile, stood lower at Rs 1573 crore against Rs 1699 crore due to a fall in both core and non-interest income.Its net intest margin for the quarter was at 3% as compared with 3.08% three months prior.
The bank’s gross Advances grew by 19.44% year-on-year to Rs 2.63 lakh crore, while total deposits grew by 11.59% to Rs 3.28 lakh crore.
Gross NPA reduced by 52 bps year-on-year to 2.17% while net NPA reduced by 23 bps to 0.27%.
The bank board proposed a 4.40% dividend, which is 44 paise per equity share for the FY26.
The board also approved raising Rs 2700 crore by selling shares in the fiscal, besides raising to Rs 5000 crore through issuance of BASEL III additional tier I bonds, tier II bonds or long-term infra bonds.