NEW DELHI: Shares of state-owned UCO Bank continues to give stellar gains to investors.
On Tuesday, the stock gained over 10% in early deals and was trading 9.94% higher at Rs 20.57 around 1 pm. It gained 14% in opening trade and hit a new 52-week high of Rs 21.35.
In November so far, shares of the PSU bank has gained 54.66%. The stock price jumped from Rs 13.30 on November 1 to Rs 20.57 on November 22.
If we look at the last 1 month data, the stock has given over 59% gains to investors.
In last 2 trading sessions alone, the stock has gained over 36%. The scrip hit upper circuit of 20% on Monday. The stock has been surging for 6 days straight and is currently at a 3-year high.
Earlier this month, UCO Bank had reported a more than two-fold jump in its net profit at Rs 504.52 crore for the quarter ended September 2022 as fall in bad loans resulted in lesser provisioning requirement.
The bank had reported a net profit of Rs 205.39 crore in the corresponding quarter a year ago.
Total income of the Kolkata-headquartered lender during July-September rose to Rs 4,964.84 crore from Rs 4,655.86 crore in the same period of 2021-22, UCO Bank said in a regulatory filing.
There was improvement in the bank's asset quality as the gross NPAs dipped to 6.58 per cent of the gross advances as of end-September 2022 from 8.98 per cent a year ago.
