UCO Bank will provide new funding in FY’25; Q4FY’24 standalone net income decreased by 9.5%
By Sneha Sengupta•Published on April 29, 2024 at 9:43 PM IST
1 min read
Image Source: Mint
Share:
The board of UCO Bank approved the issuing of new equity shares with a face value of Rs 4,000 crore for the current fiscal year, the bank announced on Monday.
For the fourth quarter that concluded in March 2024, the Kolkata-based bank also announced a standalone net profit of Rs 525.77 crore, a drop of 9.5% from the same time the previous year.
The bank’s growth goals should be supported by the capital infusion.
The bank notified bourses that the lender intends to investigate other approaches, such as QIP (Qualified Institutional Placement) and FPO (Follow-on Public Offer), for issuing 400 crore equity shares at a price of Rs 10 apiece, subject to shareholder approval.
Throughout FY25, there may be several tranches of this issuance. To Rs 6,984.61 crore, UCO Bank’s overall revenue for the quarter increased by 17.44%.
Along with an increase in asset quality, the bank saw its gross non-performing assets (NPA) drop from 4.78 percent to 3.46 percent in just one year.
