UCO Bank board to meet on Tuesday, consider audited results, dividend, capital raising

board of directors Yoko Bank It is scheduled to meet on Tuesday to consider and approve the bank’s audited financial results (both standalone and consolidated) for the quarter and year ended March 31, 2023.

The Board of Directors will also consider dividend recommendation, if any, for the year 2022-23, subject to RBI approval and capital increase during FY 2023-24 through various modes such as Follow Up Public Offer (FPO), Qualified Institutional Placement (QIP) and Case Preferential among other things, as stated in the notification to BSE.

The bank, which expects good growth in credit demand, is likely to register growth in core operations and profitability.

For the quarter ended December 31, 2022, UCO Bank recorded a 110 per cent growth in net profit at Rs.653 crore310 crore for the same period last year. This was the highest quarterly net profit in the bank’s 80-year history.

Also read: UCO Bank aims to make a profit of 2,500 kronor in FY24

Net Interest Income (NII) increased by approximately 11% to Rs.1,952 crore during Q3FY23 vs. Rs.1,763 crore in the same period last year supported by healthy growth in loan book and improved yield on advances.

The bank’s stock opened at 30.75, up 2.16 percent from its predecessor Close on BSETuesday.