UCO Bank Q4 Results: PAT Falls 9.52% To Rs 526 Cr; Dividend Declared After A Gap of 9 Years

The financial results for the quarter and year ending March 31, 2024, have been released by UCO Bank. In comparison, the bank's standalone net profit for the fourth quarter of FY24 was Rs 525.77 crore, down 9.5% YoY to Rs 581.24 crore for the same period in FY23. According to a stock exchange statement, the bank's operating profit for Q4FY24 was Rs 1,272.87 crore, down from Rs 1,357.05 crore in Q4FY23. The bank's total income increased 17.44% YoY during the quarter under review to Rs 6,984.61 crore from Rs 5,946.94 crore. Net interest income (NII) for the bank increased by 10.91% YoY to Rs 2187 Cr in Q4FY24 from Rs 1972 Cr in Q4FY23.

Total Business for the bank increased by 9.50% YoY to Rs. 450007 crore as of March 31, 2024, from Rs. 410967 crore as of March 31, 2023. Total deposits at UCO Bank rose from Rs. 249338 crore on March 31, 2023, to Rs. 263130 crore on March 31, 2024, a year-on-year rise of 5.53%. As of March 31, 2024, its Gross Advances were at Rs. 186877 crore, up 15.62% year on year from Rs. 161629 crore in the same period in 2023. Retail advances climbed by 14.62% YoY to Rs. 40161 crore on March 31, 2024, from Rs. 35039 crore on March 31, 2023. This rise was primarily driven by the home and vehicle loan portfolios, which had y-o-y growth of 21.23% and 31.24%, respectively.

The bank's operating profit for the full year ended March 31, 2024, was Rs. 4576 crore, up 5.43% year on year from Rs. 4341 crore for the same period in 2023. According to UCO Bank, net profit for the year that ended on March 31, 2024, was Rs. 1654 crore, compared to Rs. 1862 crore in FY23.

The Net Interest Income (NII) of the bank for the twelve months ended March 31, 2024, was Rs. 8101 crore, representing a YoY rise of 10.32% compared to Rs. 7343 crore for the same period in 2023. UCO Bank said that as of March 31, 2024, its gross non-performing assets (NPA) had improved to 3.46% from 4.78%, indicating a 132 basis point gain whereas its net non-performing assets (NPA) had improved to 0.89% from 1.29%, indicating a 40 basis point advancement. The provision coverage ratio increased by 88 basis points to 95.38% as of March 31, 2024, from 94.50% as of March 31, 2023.

With 3230 domestic branches, 2 international branches in Singapore and Hong Kong, and 1 representative office in Iran, the bank has a vast network. The bank has 1994 branches in rural and semi-urban regions or 61.73% of the total number of branches. As of March 31, 2024, the bank has 2477 ATMs and 9808 BC Points, for a total of 15518 touch points. During FY24, UCO Bank opened 28 new branches in the country.

"We inform that the Board of Directors of the Bank in their meeting dated 29.04.2024 has recommended dividend of Rs.0.28 per equity share i.e. 2.80% of face value of Rs. 10/- each for the financial year 2023-24 and the same has been notified vide our letter ref. HO/Finance/Share/29/2024-25 dated 29.04.2024. Record date for payment of dividend on equity shares has been fixed on Friday,10th May, 2024 (at the close of business hours). The payment of dividend is subject to the approval from the shareholder in the ensuing Annual General Meeting of the Bank," said UCO Bank in a regulatory filing.