UCO Bank announced Q3FY23 results: Q3FY23: UCO Bank has posted net profit of Rs 652.97 crore for the Q3FY23 as against Rs 310.39 crore for Q3FY22 registering YoY growth of 110.37% which is the highest ever quarterly net profit in 80 years history of the Bank. Net profit for nine months ended Q3FY23 rose to Rs 1,281 crore which is also the highest ever nine months net profit. Net Interest Income (NII) for Q3FY23 increased to Rs 1,951.87 crore as against Rs 1,762.61 crore for Q3FY22 registering YoY growth of 10.74% fuelled by healthy growth in loan book and improved yield on advances. NII for Q3FY22 includes an exceptional interest income due to recovery in the account of M/s Air India. If recovery from this account is excluded, the growth in NII shall come to 25% approximately on YoY basis for Q3FY23. Net Interest Margin (NIM) for Q3FY23 stood at 2.99% from 2.84% for Q2FY23 showing steady improvement. However, NIM for Q3FY22 was 3.03% which was propelled by recovery in the account of M/s Air India, otherwise NIM for Q3FY22 would have been at 2.69%. Other income for Q3FY23 increased to Rs 823.46 crore as against Rs 719.15 crore for Q3FY22 registering YoY growth of 14.51% aided by robust recovery in written off accounts and commission from third party products. Pre provisioning operating profit (PPOP) for the Q3FY23 increased to Rs 1,353.91 crore as against Rs 1,340.30 crore for Q3FY22. Global business scaled to its highest ever mark of Rs 3,94,228.98 crore as on Q3FY23 as against Rs 3,44,321.66 crore as on Q3FY22 registering YoY growth of 14.49%. Global Deposits also scaled to highest level of Rs 2,43,169.90 crore as on Q3FY23 as against Rs 2,18,802.52 crore as on Q3FY22 registering YoY growth of 11.14%. CASA (Domestic) as on Q3FY23 stood at 38.93%. Current deposits increased to Rs 11620 crore as on Q3FY23 from Rs 8606 crore, thereby registering growth of 35.02% on YoY basis. Savings Deposits also increased to Rs 79,948.39 crore as on Q3FY23 as against Rs 74,147.27 crore as on Q3FY22 registering YoY growth of 7.78%. Loan Book stood at Rs 1,51,059.08 crore as on Q3FY23 as against Rs 1,25,519.13 crore as on Q3FY22 registering a robust YoY growth of 20.35%. On Asset Quality front, Gross NPA reduced to Rs 8,506.08 crore (5.63%) as on Q3FY23 as against Rs 10,042.41 crore (8.00%) as on Q3FY22 and from Rs 9358.92 crore (6.58%) as on Q2FY23. Net NPA reduced to Rs 2,406.90 crore (1.66%) as on Q3FY23 from Rs 3,333.59 crore (2.81%) as on Q3FY22 and from Rs 2,700.29 crore (1.99%) as on Q2FY23. Provision Coverage Ratio increased to 93.58% as on Q3FY23 from 91.30% as on Q3FY22 and from 92.90% as on Q2FY23. Capital Adequacy Ratio improved to 14.32% as on Q3FY23 from 14.02% as on Q2FY23 and CET-1 Ratio at 11.57% as on Q3FY23 from 11.25% as on Q2FY23. Result PDF