Uco Bank on Friday reported an 80.80 per cent year-on-year jump in its net profit to Rs 223 crore for the first quarter this fiscal.

The lender had posted a net profit of Rs 124 crore corresponding quarter previous year. On a quarter-on-quarter basis, however, the lender’s net profit fell 61.62 per cent from Rs 581 crore for the fourth quarter of FY23.

The bank’s MD & CEO Ashwani Kumar said during the first quarter this fiscal profitability improved as there was no provisioning required against mark-to-market (MTM) losses.

“Last year this time we had MTM losses and we had to make provision. This time, it was not required,” Kumar said.

For the quarter, domestic net interest margin improved to 3.03 per cent against 2.85 per cent for Q1FY23.

Kumar said the bank will maintain the NIM between 2.9-3 per cent.