Uco Bank Q2 results: Profit surges 7-fold to Rs 205 crore

State owned Uco Bank reported a near seven-fold jump in net profit for the September quarter, riding on higher interest income and write back of provisions made earlier. Its net profit stood at Rs 205.4 crore as against Rs 30.1 crore in the year-ago period.

The Kolkata based lender’s operating profit rose 24% at Rs 1,334 crore as compared with Rs 1,076 crore in the year-ago quarter. Net interest income rose about 15% at Rs 1,598 crore from Rs 1,393 crore over the same period last year. Other income grew 31.2% YoY to Rs 936 crore.

The Bank’s total provision, however, came down to Rs 1,019 crore during the period from 1,301 crore on amount of write-backs of provisions made earlier. The bank has recovered Rs 550 crore from written off accounts, taking the total recovery and upgradation to Rs 1,876 crore during the quarter.

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