Business Desk, 27 July: UCO Bank has announced its financial results for the quarter ended 30 June, 2021, posting a Net Profit of Rs. 101.81 Crore as against a Net Profit of Rs. 21.46 Crore earned in the quarter ended June 2020. Thus it has registered a growth of 374.42% Y- O-Y. The Operating Profit of the bank in the first quarter of the FY 2021-22 stood at Rs.1286.28 against Rs 977.08 Crore in the June, 2020 quarter. The Bank has increased its Net Interest Income and Other Income as well. The performance of the Bank in the first Quarter has resulted in total business of Rs 332946 .17 Crore registering a Y-O-Y growth of 7.28%.
Other performance highlights of the Bank include reduction in Gross NPA. Gross NPA of the Bank reduced to Rs 11321.76 Crore as on 30.06.2021 from Rs. 16576.43 Crore as on 30.06.2020. During the period under review, the Bank has been able to increase its Provisioning Coverage Ratio from 86.50% in June 2020 to 88.53% in June 2021. Other initiatives of the bank include anchoring of Department of Banking Services, GoI sponsored Door Step Banking, On boarding various Fin Tech services and introduction of Gift Card. During Corona-19 Pandemic Bank has offered, with its channel partners, various products like Corona Kavach and Korona Rakshak, including UCO Health Suraksha. A unique of its kind deposit product UCOVAXI-999 of the Bank has been launched for a limited period with 30 basis point higher ROI. Bank has been alive to the hardship of the common man during the pandemic and undertook multiple CSR initiatives at various places.
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