Share price of UCO Bank gained more than three per cent on Friday, May 28, a day after the bank announced its January-March quarter results for the financial year 2020-21. On Friday, UCO bank opened on the BSE at Rs 13.61, swinging to an intra day high of Rs 14.06, and an intra day low of Rs 13.45, in the trading session so far. According to a regulatory filing by the bank to the stock exchanges, UCO Bank reported a net profit of Rs 80.03 crore in the fourth quarter of the fiscal year 2020-21.
According to UCO Bank’s statement, the net profit stood at Rs 16.98 crore in the corresponding period of the previous fiscal year, marking a five-fold year-on-year jump in profit for the March quarter. The bank’s total net profit for the financial year 2020-21 stood at Rs 167 crore.
UCO Bank reported its operating profit at Rs 1,533 crore in the March quarter of the fiscal year 2020-21, compared to Rs 1,217 crore in the same quarter of the previous fiscal, marking a growth of 26 per cent year-on-year. The bank’s gross non-performing asset (NPA) improved to 9.59 per cent in the fourth quarter, compared to 16.77 per cent in the year-ago period. UCO Bank’s net NPA reduced to 3.94 per cent in the March quarter, compared to 5.45 per cent in the year-ago period.
The bank’s board approved a plan to raise equity capital aggregating to Rs 3,000 crore through various modes such as follow on public offer (FPO), qualified institutional placement (QIP), preferential issue etc. after the approval from shareholders, central government, Reserve Bank of India, and market regulator Securities and Exchange Board of India (SEBI).
On the NSE, UCO Bank opened at Rs 13.65, touching an intra day high of Rs 14.05, and an intra day low of Rs 13.45, in the session so far. It was last trading 3.04 per cent higher at Rs 13.55 on the NSE.
Shares of UCO bank were last trading 2.97 per cent higher at Rs 13.94 on the BSE.