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UCO Bank Q1FY21; net interest income decline by 5% yoy

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UCO Bank announced its Q1FY21 results on July 31, 2020. Total income grew by 0.2% yoy to Rs4,436.57cr in Q1FY21. UCO Bank had total income of Rs4,446.61cr in Q1FY20. Net interest income (NII) stood at Rs1,266.78cr in Q1FY21 as against Rs1334.97cr it had reported in Q1FY20. A decline of 5.1% yoy. Operating profit for Q1FY21 stood at Rs1,223.37cr. A growth of 1.8% yoy as against Operating profit of Rs1,201.44cr in Q1FY20.

Provisions and contingencies decreased by 34.5% yoy to Rs1,180.37cr in Q1FY21, as against Rs1,802.89cr in Q1FY20.

Profit after tax (PAT) stood at Rs21.46cr for the quarter ending June 2020. It rose by 103.6% as compared to Rs601.5cr loss that it had reported in Q1FY20.

Gross NPA in Q1FY21 stood at Rs16,576.43cr witnessing a decline of 14% qoq. Net NPA in Q1FY21 came in at Rs5,138.18cr witnessing a decline of 6.8% qoq. Gross NPA(%) stood at 14.38% in Q1FY21, as against 16.77% in Q4FY20. A decline of 2.39% qoq. Net NPA (%) stood at 4.95% in Q1FY21 as against 5.45% in Q4FY20. A decline of 50bps qoq.

Capital adequacy ratio (%) stood at 11.65% in Q1FY21 as against 11.7% in Q4FY20.
Share price of company at 1:20pm is trading at Rs 14.47 on BSE up by 2.05%.

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