The shares of UCO Bank opened at Rs 15.85 on Monday and gained as much as 17 percent to reach its new 52-week high of Rs 18.65 in the early trading hours. In the past five days, the stock has gained approximately 25 percent.
UCO Bank, formerly United Commercial Bank, is an Indian public sector bank that is engaged in providing a wide range of banking and financial services including Retail Banking, Corporate Banking, and Treasury Operations.
In Q2FY23, the bank reported a multifold jump in its net profit which stood at Rs 505 crore in the period as against Rs 204.4 crore in the same period a year earlier. The revenue of the bank was at Rs 4,794.76 crore in the quarter under review compared to Rs 170.08 crore in Q2FY22.
The lender’s gross NPA fell to 6.58 percent at the end of the second quarter from 8.98 percent, while the net NPA was 1.99 percent, down from 3.37 percent in the same quarter the previous year.
Similar to other PSU bank stocks, the shares of this PSU bank have also rallied by approximately 49 percent in a month while the Nifty Bank has risen by 4 percent in a longer time frame of six months, the stock has logged a return of 60 percent while the index has increased by 24 percent.
The bank has a market capitalization of Rs 22,118 Crores. The President Of India holds a 95.39% stake and the Life Insurance Corporation Of India holds a 1.24% stake in the bank.
Written by Anoushka Roy
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