UCO Bank posts 27% rise in Q2 net profit at Rs 786 crore

Dimapur, October 16 (MExN): Public sector lender UCO Bank has reported a net profit of Rs 786 crore in the second quarter of the current financial year, up from Rs 620 crore in the corresponding period of the previous fiscal.Announcing the bank's financial results for July-September 2026, Rajendra Kumar Saboo, In-charge Managing Director and Chief Executive Officer and Executive Director of UCO Bank, said the bank had recorded strong performance in the second quarter of the 2026-27 financial year.The bank's total business grew 18.81 per cent year-on-year to Rs 6,37,280 crore. Gross advances increased 24.70 per cent to Rs 2,87,690 crore, while total deposits rose 14.36 per cent to Rs 3,49,590 crore.Highlighting the performance of the retail, agriculture and micro, small and medium enterprises (MSME) segments, Saboo said the bank's RAM (retail, agriculture and MSME) advances increased 26.92 per cent year-on-year to Rs 1,68,736 crore.Retail advances registered a growth of 30.23 per cent, agriculture advances rose 29.59 per cent and MSME advances increased 20.32 per cent year-on-year.The bank's current account and savings account (CASA) deposits grew 10.59 per cent to Rs 1,22,259 crore during the period under review.Housing loans and vehicle loans recorded year-on-year growth of 20.29 per cent and 61.91 per cent, respectively.The bank's capital adequacy ratio (CAR) stood at 18.85 per cent in the September quarter. Business per employee increased to Rs 30 crore during the quarter, compared with Rs 25 crore in the corresponding period of the previous financial year.On asset quality, Saboo said the bank had recorded a reduction in non-performing assets (NPAs). Gross NPA declined by 60 basis points to 1.96 per cent, while net NPA fell by 25 basis points to 0.18 per cent in the September 2026 quarter.As part of its digital initiatives, the bank has implemented online loan facilities for pensioners, education, loans against term deposits, gold, vehicles, PM Suryodaya, housing, Mudra, PM Vishwakarma and MSMEs, besides online Kisan Credit Card services and digital opening of savings and current accounts.UCO Bank currently has 3,439 domestic branches and three international branches — one each in Hong Kong and Singapore, and an International Banking Unit (IBU) branch at GIFT City.The bank said 61 per cent of its branches are located in rural and semi-urban areas, supporting its efforts to strengthen financial inclusion.