Shares of state-run UCO Bank Ltd. witnessed volatile moves in trade on Thursday, October 15, after the lender reported its earnings for the second quarter.
UCO Bank’s net profit in the second quarter 26.8% to ₹785.6 crore from ₹619.8 crore last year.
Its net interest income (NII) came in at ₹2,886.4 crore, up 14% from the previous year’s ₹2,533 crore.
The lender’s asset quality improved as its gross non-performing assets (NPA) contracted to 1.96% from 2.08% sequentially.
Its net NPA also declined to 0.18% from 0.25% in the prior quarter.
The bank’s provisions were at ₹807.6 crore in the September quarter compared to ₹234.6 crore in the prior one and ₹588 crore in the year-ago period.
The lender, in its investor presentation, stated that its deposit growth in the second quarter was at 14.36%, while its guidance for FY27 was 10-12%. Its credit growth was at 24.7% in the quarter under review while its guidance stated 12-14% for the fiscal.
The lender, in its investor presentation said, it has a total of 3,439 domestic branches and it has three international branches in Hong Kong, Singapore and IBU-Gift City.
UCO Bank shares surged sharply by 3.5% post reporting their second quarter results to hit an intraday high of ₹24.8 apiece. However, it then fell 4.4% sharply as well to hit an intraday low of ₹23.71 apiece.
The stock is currently trading at the flat line at ₹23.94. The stock is down 19% so far this year.
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