Uco Bank on Tuesday reported a 110 per cent growth in net profit for the quarter ended December 31. Net profit during the quarter at Rs 653 crore was aided by better interest and non-interest income, a one-time recovery in interest of Rs 200 crore from Air India and improving asset quality.

Net profit in the corresponding quarter of the previous year was Rs 310 crore. Net interest income was Rs 1,952 crore compared with Rs 1,763 crore in the corresponding period of the previous year.

Non interest income also grew 14.51 per cent during the quarter to Rs 823 crore.

On the asset quality side, the bank has seen an improvement in cash recovery during the quarter while fresh slippages have gone down.

Gross NPA as on December 31 was at 5.63 per cent compared with 8 per cent on December 31, 2021.

“This is the highest ever quarterly profit made by the bank since it was established in 1943. On the net interest income side, there is a healthy growth,” said Soma Sankara Prasad, MD and CEO.