UCO Bank’s Q3 Total Business Grows by 12%
UCO Bank has reported impressive growth in its total business for the quarter ending December 2024, showcasing a 12.18% increase to reach Rs 4.88 lakh crore. This surge in total advances is a significant milestone for the lender, with provisional figures submitted to the stock exchanges highlighting a remarkable 16.20% rise to Rs 2.08 lakh crore.
Domestic Advances Drive Growth
The driving force behind this growth is an exceptional 18.83% surge in domestic advances, now standing at Rs 1.83 lakh crore. This substantial increase in domestic advances signals a positive trend for UCO Bank’s performance and market presence.
Healthy Growth in Deposits
Deposits also experienced a healthy uptick, climbing 9.37% year-on-year to reach Rs 2.80 lakh crore. Of particular note is the 7.29% increase in domestic deposits, which now total Rs 2.65 lakh crore. This growth in deposits underscores the bank’s ability to attract and retain customers, contributing to its overall financial health.
Stable CASA Ratio and Improved CD Ratio
The bank’s current account savings account (CASA) ratio, a crucial metric for assessing a low-cost deposit base, remained stable at 37.96%, compared to 37.61% in December 2023. Additionally, the credit-deposit (CD) ratio showed significant improvement, standing at 74.55% during the reporting quarter, up from 69.93% in the same period last year. This uptick in the CD ratio reflects enhanced asset utilization by the lender, showcasing its efficient management of funds.
In conclusion, UCO Bank’s robust performance in the third quarter of the fiscal year demonstrates its resilience and strategic growth initiatives. With a focus on expanding its domestic advances and bolstering its deposit base, the bank is poised for continued success in the financial market landscape.