Q3 Results

UCO Bank profit rises 27%

New Delhi: State-owned UCO Bank on Tuesday reported a 27 per cent increase in net profit at Rs639 crore for the third quarter ended December 2024. The Kolkata-based lender had logged a net profit of Rs503 crore in the same quarter a year ago. Operating profit also rose to Rs1,586 crore as against Rs1,119 crore in the December 2023 quarter. Total income increased to Rs7,406 crore from Rs6,413 crore in the same period last year, UCO Bank said in a regulatory filing. Interest income also rose to Rs6,220 crore over Rs5,552 crore in the same quarter a year ago. Net Interest Income (NII) during the quarter rose by 20 per cent Rs2,378 crore as against Rs1,988 crore for the same period of the preceding year. On the asset quality front, the bank’s gross Non-Performing Assets (NPAs) declined to 2.91 per cent of gross loans by the end of December 2024 from 3.85 per cent a year ago.

Karur Vysya Bank reports 20.39% rise

Chennai: Private sector Karur Vysya Bank has reported a 20.39 per cent rise in its net profit for the October-December 2024 quarter to Rs496 crore, the bank said on Tuesday. The Tamil Nadu bank had registered a net profit of Rs412 crore during the corresponding quarter of last financial year. For the nine month period ending December 31, 2024, the net profit surged by 24.28 per cent at Rs1,428 crore, as compared to a net profit of Rs1,149 crore recorded during the corresponding period of last financial year. “We have continued another strong quarter of performance, guided by our three key metrics: growth, profitability and asset quality.

DEE revenue to triple to Rs 2,400-cr

Anjar (Gujarat): DEE Development Engineers, a piping solutions provider, expects its revenue to triple to around Rs2,400 crore in the next three to five years as it embarks on its next phase of growth, the company’s Chairman and Managing Director (CMD) Krishan Lalit Bansal said. The company, which reported a revenue of Rs785 crore in 2023-24, is expecting higher revenue in the current financial year, Bansal said during an interaction here. DEE Development Engineers has launched its new facility in Anjar with an investment of Rs250 crore.