UCO bank q2 result: Public sector UCO Bank has released the results for the July-September quarter of the current financial year. The bank’s profit in this quarter has increased by 50 percent to Rs 603 crore. Increase in interest income has helped the bank in increasing profits. UCO Bank’s profit in the same quarter of the last financial year was Rs 402 crore. UCO Bank said its total income increased to Rs 7,071 crore, from Rs 5,866 crore in the same quarter of the last financial year.
increase in interest income
The bank’s interest income increased to Rs 6,078 crore in the September quarter from Rs 5,219 crore in the same quarter of the last financial year. The bank’s net interest income increased by 20 per cent to Rs 2,301 crore from Rs 1,917 crore in the same quarter of the last financial year. Net interest margin increased to 3.10 per cent during the quarter, from 2.84 per cent at the end of Q2 last fiscal. Commenting on the quarterly figures, UCO Bank Managing Director (MD) and Chief Executive Officer (CEO) Ashwini Kumar said the bank expects this momentum to continue.
Fund arranging plan
UCO Bank said it plans to raise up to Rs 2,000 crore through share sale during the December quarter. As part of the strategy, there are plans to bring in qualified institutional placements worth Rs 1,500-2,000 crore in the current quarter. This will reduce the government’s stake in the bank by 2-3 percent. The Government of India’s stake in UCO Bank stood at 95.39 percent at the end of September 2024.
stock surge
Last Friday, the share price of UCO Bank was Rs 45.65. It closed 1.22% higher than the day before. Let us tell you that in February 2024 the share price had gone up to Rs 70.66. This is the 52-week high of the stock.
