UCO Bank Q1 profit rises 10% to Rs 607 crore; NIM guidance revised
on Monday reported a 10% rise in first quarter net profit at Rs 607 crore as compared with Rs 551 crore in the year ago period.
More than double treasury earnings helped the bank's profit numbers, offsetting the impact of higher provisions. Its net interest income rose a modest 6.6% at Rs 2403 crore. It booked treasury earnings of Rs 198 crore as compared with Rs 90 crore in the year ago period.
Explore courses from Top Institutes in
Select a Course Category
PGDM
Project Management
Data Science
Leadership
Finance
Operations Management
Artificial Intelligence
others
Technology
Healthcare
Public Policy
Degree
Others
Data Science
healthcare
MBA
CXO
MCA
Management
Cybersecurity
Data Analytics
Digital Marketing
Product Management
Design Thinking
Skills you'll gain:
Financial Analysis & Decision Making
Quantitative & Analytical Skills
Organizational Management & Leadership
Innovation & Entrepreneurship
Duration:
24 Months
IMI Delhi
Post Graduate Diploma in Management (Online)
Starts on
Sep 1, 2024
Get Details
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Caught From Above: These Aerial Images Expose the Unseen
Old Money Style
Undo
Its net interest margin (NIM) for the quarter compressed to 2.96% as against 3.09% in the year-ago quarter.
The bank has revised its NIM guidance to 2.9-3% following the 50 repo rate cut in June from the 3-3.10% guidance given at the beginning of the fiscal, managing director Ashwani Kumar said.
Uco's pre-provision operating profit stood 18% higher at Rs 1,562 crore against Rs 1,321 crore for the same period of preceding year.
Live Events
Provisions and contingencies were higher at Rs 616 crore as compared with Rs 459 crore, despite a 69 basis points year-on-year fall in gross non-performing assets ratio to 2.63%.
"We have made forward looking provisions in anticipation of the LCR (liquidity coverage ratio) guidelines," the MD said.
The bank's gross advances grew 16.48% year-on-year to Rs 2.25 lakh crore while total deposits expanded by 11.37% to Rs 2.99 lakh crore.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
10 minutes ago
- New Indian Express
LS passes bill banning online money games
NEW DELHI: The Lok Sabha on Wednesday passed the Promotion and Regulation of Online Gaming Bill, 2025, which aims to ban online games played with money. The government says the move is to tackle gaming addiction, money laundering, and financial fraud linked to such platforms. The Bill says no individual, company, or platform can offer, promote, or facilitate online money games in India. It also bans advertisements for such games on TV, social media, or any digital platform and prohibits banks and payment firms from processing such transactions. Sources said online money gaming is very addictive, leading to social harm and also financial loss. An official said 45 crore players lost money, with an estimated `26,000 crore loss annually. The Bill proposes the creation of a central authority that will issue guidelines and directions, which all gaming platforms must follow. Online money games as those where users deposit money in the hope of winning cash or other rewards. It covers all forms of online betting, including fantasy sports, card games like poker and rummy, and online lotteries. The Bill was passed by a voice vote after brief comments from Minister of Electronics and Information Technology Ashwini Vaishnaw, even as opposition members staged protests. Once cleared by both Houses of Parliament, offering or facilitating online money gaming will become a punishable offence, with jail terms of up to 3 years and fines of up to Rs 1 crore. Advertising such games could attract 2 years in prison or Rs 50 lakh fine.
Hans India
10 minutes ago
- Hans India
TG attracted Rs 54,000 crore investments in life sciences: Sridhar Babu
Hyderabad: State IT and Industries Minister Duddilla Sridhar Babu announced that the Life Sciences sector in Telangana has witnessed remarkable growth. Since December 2023, the sector has attracted investments worth Rs 54,000 crore, positioning Hyderabad as a global leader in life sciences. The Minister chaired the 6th Board Meeting of the Telangana Life Sciences Foundation in Hyderabad on Wednesday, in his capacity as Chairman. Board members including Dr. Reddy's Laboratories Chairman Satish Reddy, Laurus Labs ED & CEO Dr. Satyanarayana Chava, Special Chief Secretary Sanjay Kumar, and Shakti Nagappan participated in the meeting. Sridhar Babu highlighted that over 2 lakh new jobs have been created in pharmaceutical manufacturing, medical technology, and vaccine production. 'Hyderabad now ranks among the world's top seven life sciences clusters, and it is the only Indian city to achieve this distinction,' he said. He noted that global giants such as Lilly, Amgen, MSD, Zoetis, Evernorth, and Olympus have chosen Hyderabad as their preferred hub. Telangana will soon unveil its Next-Gen Life Sciences Policy, which he described as 'a cutting-edge policy framework designed to attract large-scale investments.' The state has set an ambitious target to scale its Life Sciences economy to USD 250 billion by 2030, aiming to make Telangana the Life Sciences Capital of Asia. The Minister further proposed preparing a feasibility report for establishing the Telangana School of Life Sciences.
Hans India
10 minutes ago
- Hans India
Auto drivers get nudged under wheeler-dealers' machinations
Hyderabad: Following the recent approval from the state government for new auto rickshaws in the city, local auto rickshaw drivers have raised serious allegations regarding a major scam involving auto dealers. They claimed that the showrooms, in collusion with auto financiers, auto brokers are selling vehicles at inflated prices. Also, the drivers alleged that those who applied individually were denied vehicles, while those who applied through dealers got vehicles in their names. Hundreds of auto rickshaw drivers in the city have been making a serious allegation of corruption and black-marketing in the implementation of the Telangana government's auto-rickshaw distribution scheme, with drivers accusing the automobile dealers for charging exorbitant prices. The Telangana government, in its order sanctioned 65,000 new auto-rickshaws, including 20,000 electric, 10,000 CNG, 10,000 LPG, and 25,000 retrofitted autos under ORR limit. The initiative required applicants to apply online with selected beneficiaries directed to purchase autos from authorized automobile dealers at fixed prices. The City Auto & Motor Cab Drivers Welfare Society President Mahmood Hussain Makke said that the auto showrooms, auto financiers, auto brokers are involved in Rs 10 crore scam under the name of issuing autos in the government scheme. 'The auto scheme made for the public was misused by auto financiers, showroom dealers and brokers who illegally encashed the scheme by looting the drivers.' The union pointed out that the drivers, especially those who applied individually, did not get autos but all those who applied through dealer, and auto brokers got vehicles in their name. 'Nearly 4,000 autos have been sold illegally with excessive charges. Also, the people from outer ORR limits from districts – Nalgonda, Bhongir, Mahbubnagar, Vikarabad and other districts also applied through brokers and got benefited but drivers under ORR limits did not get autos,' said Mahmood. A victim, Mohammed Gaus who got CNG auto at a price of Rs 2,82,000 said that he had an invoice price of Rs 2,47,546, insurance of Rs 8,200 and Rs 3,800 TR fees with a total Rs 2,59,546. 'I had been overcharged by more than Rs 22,000,' said the victim. Multiple complaints have emerged against the dealers for charging Rs 22,000 to 50,000 more than the fixed rates of Rs 2,59,000 for CNG and Rs 2,47,000 for LPG autos. The LPG auto price is Rs 2,47,000 including invoice amount of Rs 2,30,000 to Rs 2,35,000, insurance amount of Rs 8,200 and Rs 3,800 TR fees but the same is sold between Rs 2.70 lakh and Rs 3.20 lakh and Rs 2.59 lakh priced CNG auto is being sold for Rs 2.86 lakh and Rs 3 lakh without specifying any quotation and when asked, the dealers are rejecting the application, say drivers. Moreover, these agents also charge from Rs 2,000 to Rs 10,000 for booking slots for obtaining auto, which is another way of scamming auto drivers. Mahmood Makke said that the union also gave representation to the Chief Minister, transport minister, transport commissioner and others and urged them to take immediate action against the showrooms.
