The board of directors of UCO Bank is scheduled to meet on Tuesday to consider and approve the audited financial results (standalone and consolidated) of the bank for the quarter and year ended March 31, 2023.
The board will also consider the recommendation of dividend, if any, for the year 2022-23, subject to approval from the Reserve Bank of India and raising of equity capital during the financial year 2023-24 through various modes such as Follow on Public Offer (FPO), Qualified Institutional Placement (QIP) and preferential issue among others, it said in a notification to BSE.
The bank, which is expecting good growth in credit demand, is likely to clock growth in core operations and profitability.
For the quarter ended December 31, 2022, UCO Bank posted 110 per cent growth in net profit at ₹653 crore, as against ₹310 crore same period last year. This was the highest ever quarterly net profit in the bank’s 80 years of history.
Also read: UCO Bank aims for ₹2,500 cr profit in FY24
Net Interest Income (NII) had increased by nearly 11 per cent to ₹1,952 crore during the third quarter of FY23 as against ₹1,763 crore same period last year fuelled by healthy growth in loan book and improved yield on advances.
The bank’s scrip opened at 30.75, up by 2.16 per cent from its previous close on the BSE, on Tuesday.