UCO Bank Surges As Total Advances Soar 16% YoY In Q4

UCO Bank saw a 1.52 per cent increase in its stock price, reaching Rs 56.64, following the announcement of a 15.92 per cent rise in total advances to Rs 1.87 lakh crore as of 31 March 2024, compared to Rs 1.62 lakh crore recorded a year ago. On a quarter-on-quarter basis, advances grew by 4.47 per cent in Q4 FY24 from Rs 1.79 lakh crore as of 31 December 2023.

During the quarter, the bank's total business reached Rs 4.50 lakh crore, reflecting a 9.62 per cent year on year increase and a 3.45 per cent quarter-on-quarter increase, while total deposits stood at Rs 2.63 lakh crore, up 5.53 per cent year-on-year and 2.73 per cent quarter on quarter.

Domestic advances surged 16.62 per cent to Rs 1.63 lakh crore as of 31 March 2024, from Rs 1.39 lakh crore a year earlier, and increased by 5.84 per cent from Rs 1.54 lakh crore as of 31 December 2023. Domestic deposits reached Rs 2.50 lakh crore as of 31 March 2024, marking a 3.83 per cent year on year increase and a 1.21 per cent quarter on quarter increase.

Domestic CASA deposits amounted to Rs 0.98 lakh crore during the period under review, up 7.76 per cent year on year and 7.69 per cent quarter on quarter. The CASA ratio improved to 39.25 per cent as of 31 March 2024, compared to 37.82 per cent a year earlier and 37.61 per cent as of 31 December 2023. Additionally, the Credit-Deposit (CD) ratio increased to 71.20 per cent as of 31 March 2024, from 64.82 per cent a year earlier and 69.93 per cent as of 31 December 2023.

UCO Bank, engaged in providing a wide range of banking and financial services including retail banking, corporate banking, and treasury operations, reported a standalone net profit decline of 23 per cent to Rs 502.83 crore despite a 17.7 per cent increase in total income to Rs 6,412.71 crore in Q3 FY24 over Q3 FY23.