UCO Bank trades 2.5% higher on 16% growth in Q4 advances

UCO bank reported total business at Rs 4.50 lakh crore for the quarter ended March FY24, growing 9.62 percent YoY

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UCO Bank shares gained 2.5 percent in early trade on April 9, after the lender reported a 16 percent on-year growth in Q4 advances.

The bank has reported total business at Rs 4.50 lakh crore for the quarter ended March FY24, growing 9.62 percent over the same period last fiscal.

At 9.25am, shares of UCO Bank were quoting Rs 56.3 on the NSE, higher by 0.9 percent, compared to the previous session’s closing price.

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Total advances increased 15.92 percent on-year to Rs 1.87 lakh crore for the quarter ended March 31, compared to Rs 1.62 lakh crore in the same quarter of the previous fiscal.

For the fourth quarter of FY24, total deposits rose 5.53 percent to Rs 2.63 lakh crore, up from Rs 2.49 lakh crore in Q4FY23.

UCO Bank also declared that its promoter, the Government of India, has not made any encumbrances, directly or indirectly, on shares held by them during the financial year 2023-24.

On January 24, the public sector lender reported a net profit of Rs 503.83 crore for the October-December quarter of financial year (FY) 2023-24, which marked a 22.8 percent on-year fall.

Over the past six months, shares of UCO Bank have jumped more than 40 percent, outperforming the domestic benchmark index, Nifty 50. The index has gained around 16 percent during the same time period.

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