UCO Bank's Credit Surge Fuels Business Growth

State-owned UCO Bank has achieved a significant credit growth of 16.58% this quarter, totaling Rs 2.25 lakh crore by the end of June 2024. This marks a noticeable rise from last year's Rs 1.93 lakh crore in the same period.

The bank, headquartered in Kolkata, also witnessed a 11.57% increase in total deposits, escalating to Rs 2.99 lakh crore compared to Rs 2.68 lakh crore in the previous year. Consequently, the total business including credit and deposits reached Rs 5.24 lakh crore, a 13.67% enhancement from the previous fiscal year.

Despite these improvements, the bank experienced a declination in its Current Accounts and Savings Accounts (CASA) ratio to 36.90% from last year's 38.62%. However, the credit-deposit ratio saw an uptick, ascending from 72.07% to 75.48% year-over-year.

(With inputs from agencies.)