India Business News: NEW DELKHI: State-owned UCO Bank on Wednesday reported 23 per cent decline in net profit at Rs 503 crore for December quarter 2023-24.
On the asset quality front, the bank s gross Non-Performing Assets (NPAs) declined to 3.85 per cent of gross loans by the end of December 2023 from 5.63 per cent a year ago.
The net profit was Rs 503 crore compared with Rs 653 crore in the year-ago period. The bank s operating profit was also lower at Rs 1119 crore against Rs 1354 crore due to higher expenses which offset the rise in income.
"Nifty concluded the week at 21,571.80, marking a decline of 323 points from 21,894 levels, on a weekly basis. Pharma, realty, and metal sectors faced selling pressure. Despite persstent attempts to breach crucial resistance, each of them resulted in a sell-off,” Om Mehra, Technical Analyst, at SAMCO Securities said.
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