Today, we have announced the Q4 and Full year results of 2020-21 and before
we take a look at the highlights, I would like to place on record my gratitude to
members of Banking community especially UCOites for their selfless efforts in
standing by the customers at all times. COVID-19 pandemic has tightly gripped
our nation and continues to impose huge cost on the economy impacting
livelihoods of many citizens. I pay my homage to UCO Bank employees who lost
their lives due to coronavirus infection.
Notwithstanding the numerous challenges and extremely tough business
environment, UCOites have done everything in their might to keep up the
momentum and continued to remain profitable. Let us look at highlights of our
performance during Q4 and Full Year 2020-21.
1. Operating Profit for the quarter March 2021 stood at Rs 1532.53 Crore as
against Rs 1216.60 Crore for the quarter ended March 2020 registering a
growth of 25.97%. Operating Profit for the year ended 31.03.2021 has
increased to Rs 5420.62 Crore from Rs 4835.60 Crore for the year ended
31.03.2020 registering a growth of 12.10%. Bank registered highest Operating
Profit for the quarter as well as for the financial year.
2. Net Interest Income for the quarter ended March 2021 has increased to Rs
1412.61 Crore from Rs 1254.51 Crore for the quarter ended March 2020
registering a growth of 12.60%. This is the highest Net Interest Income in
previous 22 quarters.
3. Other Income for the quarter ended March 2021 has increase to Rs 1370.43
Crore as against Rs 768.78 Crore for the quarter ended March 2020 registering
a growth of 78.26%. Other Income for the year ended 31.03.2021 has
increased to Rs 3720.27 Crore from Rs 2871.21 Crore for the year ended
31.03.2020 registering a growth of 29.57 %. Bank registered highest Other
Income for the quarter as well as for the financial year.
4. Net Profit of Rs 167.03 Crore during the year ended March 2021 as against
Net Loss of Rs 2436.83 Crore during the year ended March 2020. Bank
registered Net Profit in Financial Year 2020-21 after continuous loss in previous
5 financial years.
5. Total Advances of the Bank stands at Rs 118404.81 Crore as on 31.03.2021 as
against Rs 114961.44 Crore as on 31.03.2020 registering a growth of 3.00%.
6. Gross NPA has reduced to Rs 11351.97 Crore (9.59%) as on 31.03.2021 from Rs
19281.95 Crore (16.77%) as on 31.03.2020 and from Rs 11440.47 Crore (9.80%)
as on 31.12.2020.
7. Capital Adequacy Ratio stood at 13.74% and CET-I Ratio at 11.14% as on
During 2020-21, we performed well on metrics like Retail & Savings growth,
Treasury Operations and corporate advances and I am particularly pleased that
we operated profitably despite the unsettling times. In spite of these
accomplishments, this is certainly not a time to unwind and slow down. Low
growth under MSME & Agriculture advances, CASA, Non-fund based Income &
Digital Adoption continue to restrict growth and remain as pain points which
need course correction.
In 2020-21, compared to previous years, recovery was lower than expected
implying the need to step up our efforts to improve recovery in the current
financial year. In addition to NPAs, our stressed assets are currently at a high level
and if these concerns are not addressed promptly, they can destabilize our
growth plans and can invite adverse observations from our stakeholders.
In 2021-22, Banking system will continue to play a vital role in reconstruction of
economy through credit deployment. UCO Bank will have a focused approach
for an inclusive growth along with reduction in stressed assets. We have a lot of
work ahead of us. But I am excited about the opportunities that lay ahead
owing to our stable fundamentals and the strength we possess to overcome
I congratulate every UCOite for being eligible to 10 days of Performance linked
incentive as our Operating profit grew by 12.10% over previous financial year. I
once again congratulate UCOites for this historical result demonstrating a