UCO bank releases financial results for June quarter

UCO bank, which has a network of 3,230 domestic branches and two overseas branches in Hong Kong and Singapore, as well as a representative office in Iran, reported its financial results for the quarter. 
Of the total branches, 61.73 percent, or 1,994 branches, are located in rural and semi-urban areas. The bank also operates 2,477 ATMs and 9,885 BC Points.
As of June 30, the bank's gross NPA stood at 3.32 percent, an improvement of 116 basis points from 4.48 percent a year earlier. 
The net NPA decreased to 0.78 percent in Q1FY25 from 1.18 percent during the same period last year, showing an improvement of 40 basis points.  The Provision Coverage Ratio improved to 95.76 percent from 94.88 percent last year.
On Monday, the bank reported a Q1FY25 profit of Rs 550.96 crore, a 146.5 percent increase from Rs 223.48 crore in the first quarter of FY24. 
Total interest earned during the quarter was Rs 6,023.99 crore.  The bank's Net Interest Income (NII) for Q1 was Rs 2,254 crore, up 12.20 percent year-on-year from Rs 2,009 crore in the same period of the previous year.