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Public sector UCO Bank on Tuesday reported an 86.2 per cent rise in net profit to Rs 581.24 crore for the March 2023 quarter on the back of a reduction in bad loans.

The bank reported a profit of Rs 312.18 crore in the January-March quarter of 2021-22.

UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100 per cent year-on-year growth, the Kolkata headquartered lender said in a stock exchange filing.

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The net interest income (NII) at Rs 7,343.13 crore during the year too was the bank’s highest ever.

The bank’s gross non-performing assets (NPA) in the fourth quarter declined to 4.78 per cent from 7.89 per cent a year ago.

Similarly, the net NPA too declined to 1.29 per cent in the January-March 2022-23 quarter from 2.7 per cent.

UCO Bank’s capital adequacy ratio at 16.51 per cent at March-end 2023 increased by 277 basis points from 13.74 per cent a year ago.