UCO Bank Q4 net profit jumps 5-fold to ₹80 cr

New Delhi State-run UCO Bank on Thursday reported about five-fold jump in its net profit at Rs 80 crore in the last quarter of the fiscal ended March 2021. The Kolkata-headquartered lender had posted a net profit of Rs 16.78 crore in the corresponding a year ago. For the full-year 2020-21, the bank reported a net profit of Rs 167.04 crore. There was a net loss of Rs 2,436.83 crore in FY2019-20. Total income in Q4 FY21 increased to Rs 4,936.75 crore, up by 9.4 per cent from Rs 4,511.21 crore in the same quarter of FY20, the bank said in a regulatory filing. Total income for full year of FY21 also rose to Rs 18,166.42 crore from Rs 18,005.55 crore in the previous fiscal. Even as the interest income of the lender was down to Rs 14,446.15 crore from Rs 15,134.34 crore for the full year, the other income increased to Rs 3,720.27 crore as against Rs 2,871.21 crore. Bank's bad assets showed significant improvement with the gross non-performing assets (NPAs) falling to 9.59 per cent of the gross advances at the end of FY21 as against 16.77 per cent by end of FY20. In absolute terms, gross NPAs fell to Rs 11,351.97 crore from Rs 19,281.95 crore. Net NPAs or bad loans also came down to 3.94 per cent (Rs 4,389.50 crore) from 5.45 per cent (Rs 5,510.65 crore).

Provisions for bad loans and contingencies during the quarter under review was raised to Rs 1,783.15 crore from Rs 1,193.25 crore in the year-ago period. With regard to the Supreme Court order and RBI guidelines in the matter of Delhi Airport Express Pvt Ltd (DAMEL), UCO Bank said it has kept the account as standard. k