Uco Bank on Saturday reported a net profit of ₹603 crore for the quarter ended September 30, 2024, a growth of 50 per cent from ₹402 crore in the corresponding quarter previous year.

The growth in bottomline was aided by a 20.03 per cent rise in net interest income to ₹2301 crore compared to ₹1917 crore in the corresponding quarter previous year and a 53.48 per cent growth in non interest income to ₹993 crore from ₹647 crore in the year ago period.

“Global NIM for the quarter was at 3.10 per cent which improved from 2.84 per cent in the previous year. We have given a guidance of 2.9-3 per cent for the full year on NIM and we continue to maintain this,” said Ashwani Kumar, MD and CEO, Uco Bank.

Gross NPA ratio of the bank was at 3.18 per cent for the quarter ended September, compared to 4.14 per cent previous year. The bank however has seen a rise in fresh slippage during the quarter to ₹864 crore from ₹578 crore previous year, primarily on account of default by MTNL.

“During this quarter the slippage was a little higher because of a corporate account turning NPA during the quarter,” Kumar said. The bank has made a provision of 50 percent on its exposure of around ₹245 crore in MTNL. Kumar said that the banks are jointly working with MTNL for a resolution plan.

RBL Bank

RBL Bank on Saturday reported a 24 per cent decline in net profit in the September quarter to ₹223 crore on asset quality challenges emanating from credit card and microlending books. The private sector lender had reported a post-tax net profit of ₹294 crore in the year-ago period.