UCO Bank plans to bring down gross NPA below ₹6k cr
Times of India | 1 May 2024
Kolkata: Public sector lender UCO Bank is planning to bring down the amount of gross non-performing assets (NPA) to below Rs 6,000 crore by this fiscal-end. At the end of last fiscal, it was Rs 6,463.3 crore.
“Recovery and upgradation will ensure that the gross NPA will come down further. We expect that it would be below Rs 6,000 crore at the end of this current fiscal as per current trends,” UCO Bank MD and chief executive officer Ashwani Kumar said.
The bank on Monday reported a 9.5% year-on-year fall in its standalone net profit at Rs 525.7 crore for the fourth quarter last fiscal as operating profit declined.It had posted a net profit of Rs 581.2 crore for the fourth quarter of FY ’22-’23.
The bank is planning to invest around Rs 1,000 crore in this financial year to bolster its IT infrastructure and modernize IT systems related to treasury operations. In the last financial year, it had spent around Rs 700 crore for the purpose.