UCO Bank has posted robust financial results for the second quarter ending September 30, 2024, with a substantial surge in net profit and revenue. The bank reported a net profit of ₹602.74 crore, marking a 50% year-on-year (YoY) increase from ₹401.67 crore in Q2 FY23. On a quarter-on-quarter (QoQ) basis, the net profit rose by 9.4%, up from ₹550.96 crore in the previous quarter (Q1 FY24).
Revenue from operations also demonstrated strong growth, with UCO Bank reporting total income of ₹7,07,143 lakh in Q2 FY24. This reflects a 20.6% YoY increase compared to ₹5,86,561 lakh in Q2 FY23. On a QoQ basis, revenue increased by 3.1% from ₹6,85,942 lakh in Q1 FY24.
Key financial highlights:
Net profit: ₹602.74 crore, compared to ₹401.67 crore in Q2 FY24.
Operating profit: ₹1,431.60 crore in Q2 FY25, up from ₹981.88 crore in Q2 FY24.
Total income: ₹7,071.43 crore, reflecting strong performance across interest and other income streams.
The results highlight UCO Bank’s continued resilience and operational strength, positioning it well for future growth in a competitive financial environment.
