UCO Bank:Annual Report 2023-24 Analysis

UCO Bank: A Comprehensive Overview #

About UCO Bank #

Year of Establishment and Founding History: UCO Bank was established on January 6, 1943, in Kolkata, West Bengal. It was founded by industrialist Ghanshyam Das Birla. The bank was originally named United Commercial Bank.

Headquarters Location and Global Presence: The headquarters of UCO Bank is located in Kolkata, West Bengal, India. While primarily focused on the Indian market, UCO Bank has a branch in Singapore and representative offices in other countries to facilitate international trade and finance.

Company Vision and Mission:

• Vision: To be a leading customer-centric bank providing innovative and value-added financial solutions.
• Mission: To empower customers through financial inclusion, deliver sustainable profitability, and uphold the highest standards of ethical conduct.

Key Milestones in Their Growth Journey:

• 1943: Established as United Commercial Bank.
• 1969: Nationalized by the Government of India.
• 1985: Renamed UCO Bank.
• Ongoing: Focus on technological advancements and expansion of digital banking services.

Stock Exchange Listing Details and Market Capitalization: UCO Bank is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in India. The stock symbol is UCOBANK.

Recent Financial Performance Highlights: Recent financial reports usually showcase key figures like Net Profit, Gross NPA, Net NPA, and Capital Adequacy Ratio.

Management Team and Leadership Structure: The leadership structure typically consists of a Managing Director & CEO, Executive Directors, and a Board of Directors appointed by the Government of India.

Notable Awards or Recognitions: UCO Bank has been recognized with awards for its performance in areas like financial inclusion, digital banking, and customer service.

Their Products #

Complete Product Portfolio with Categories:

• Deposits: Savings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, UCO Tax Saver Scheme
• Loans: Home Loans, Car Loans, Education Loans, Personal Loans, Agriculture Loans, SME Loans, Corporate Loans
• Cards: Credit Cards, Debit Cards
• Insurance: Tie-ups with insurance companies to offer life and non-life insurance products.
• Other Services: Demat Accounts, Mutual Funds, Government Business, Foreign Exchange Services, RTGS/NEFT

Flagship or Signature Product Lines: UCO Bank is known for its various deposit schemes tailored to different customer needs, as well as its lending programs for agriculture and SMEs.

Key Technological Innovations or Patents: UCO Bank has focused on digital banking solutions like mobile banking apps, internet banking platforms, UPI integration, and online payment gateways.

Primary Customers #

Target Industries and Sectors: Agriculture, SMEs, Retail, Corporate

Geographic Markets (domestic vs. international): Primarily focused on the Indian market with a limited international presence.

Major Client Segments (agricultural, industrial, residential, etc.):

• Agricultural: Farmers, agricultural businesses
• Industrial: Small and medium enterprises, large corporations
• Residential: Individual home buyers, personal loan seekers

Distribution Network and Sales Channels: Branch network, ATMs, online banking, mobile banking, business correspondents.

Major Competitors #

Direct Competitors in India and Globally:

• Public Sector Banks: State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank
• Private Sector Banks: HDFC Bank, ICICI Bank, Axis Bank
• Foreign Banks: Citibank, HSBC

Comparative Market Share Analysis: UCO Bank has a significant market share in specific segments like agriculture lending, but its overall market share is lower compared to larger public and private sector banks.

Competitive Advantages and Disadvantages:

• Advantages: Strong government backing, extensive branch network in certain regions, focus on financial inclusion.
• Disadvantages: Higher NPA levels compared to some private banks, lower efficiency ratios.

How they differentiate from competitors: Focus on serving rural and semi-urban areas, offering specialized products for agriculture and SMEs, leveraging government schemes.

Industry challenges and opportunities: The Indian banking sector faces challenges like rising NPAs, increased competition, and evolving regulatory landscape. Opportunities include expanding digital banking, increasing financial inclusion, and tapping into the growing SME sector.

Market positioning strategy: Positioning itself as a customer-centric bank with a focus on financial inclusion and specialized products for specific segments.

Future Outlook #

Expansion plans or growth strategy: Focus on expanding digital banking services, increasing operational efficiency, and improving asset quality.

Sustainability initiatives or ESG commitments: Focus on promoting financial literacy, supporting sustainable agriculture, and reducing carbon footprint.

Industry trends affecting their business: Digital banking, fintech disruptions, regulatory changes, increasing competition, economic growth.

Long-term vision and strategic goals: To be a profitable, efficient, and customer-centric bank that contributes to the economic development of the country.

UCO Bank: Financial Performance Analysis for FY2024 #

Executive Summary #

UCO Bank demonstrated a mixed financial performance in FY2024. While operating profit and total income showed growth, net profit declined due to higher provisions and operating expenses, particularly staff costs. The Bank maintained healthy growth in advances and deposits, with a notable improvement in asset quality, reflected in reduced Gross and Net NPA ratios and an enhanced Provision Coverage Ratio. Capital adequacy remains strong. Strategic initiatives focused on digital transformation, customer service enhancement, and strengthening key lending segments like Retail, Agriculture, and MSME. The Bank’s outlook is cautiously optimistic, acknowledging global economic challenges but emphasizing domestic resilience and strategic initiatives for sustainable growth.

Three-Year Trend Analysis (FY2022 - FY2024) #

Detailed Analysis #

UCO Bank FY 2023-24 Financial Performance Analysis #

Income Statement Analysis #

Profitability #

• Operating Profit: Rs. 4,576.25 crore (5.43% YoY growth)
• Net Profit: Rs. 1,653.74 crore (11.20% YoY decline, due to higher provisions)
• Net Interest Income (NII): Rs. 8,101 crore (10.32% YoY growth)
• Non-Interest Income: Rs. 3,266 crore (30.18% YoY growth)
• Operating Expenses: Increased by 23.21% YoY.
  • Staff Costs: Rs. 4,887 crore (26.18% YoY increase)
  • Other Operating Expenses: Increased by 16.19%
• Provisions and Contingencies: Rs. 2,922 crore (17.92% YoY increase)
  • Provisions for NPAs: Rs. 1,068 crore (FY24) vs. Rs. 1,296 crore (FY23)
  • Provisions for NPI and others: Rs. 734 crore (FY24) vs. Rs. 81 crore (FY23)
  • Provisions for Standard Assets: Rs. 205 crore (FY24) vs. Rs. 59 crore (FY23)
  • Provision for Income Tax (including DTA): Rs. 915 crore (FY24) vs. Rs. 1,043 crore (FY23)

Balance Sheet Analysis #

Overall Business #

• Global Business: Rs. 4,50,007 crore (9.50% YoY growth)
• Domestic Business: Rs. 4,12,237 crore (8.43% YoY growth)

Deposits #

• Global Deposits: Rs. 2,63,130 crore (5.53% YoY growth)
• Domestic Deposits: Rs. 2,49,965 crore (3.83% YoY growth)
• CASA (Domestic): 39.25% (Improved from 37.82% YoY)
  • Current Deposits (Domestic): 20.46% growth
  • Savings Deposits (Domestic): 6.19% growth

Advances #

• Global Advances: Rs. 1,86,877 crore (15.62% YoY growth)
• Domestic Advances: Rs. 1,62,272 crore (16.38% YoY growth)
• RAM (Retail, Agriculture, and MSME): 60.09% of total domestic advances
  • Retail Loans: 14.62% growth
    • Home Loans: 21.23% growth
    • Vehicle Loans: 31.24% growth
  • Agriculture Loans: Rs. 24,641 crore (13.16% growth)
  • MSME Advances: Rs. 32,714 crore (13.53% growth)

Investments #

• Gross Investments: Rs. 95,265 crore (2.38% YoY decrease)
• Domestic Investments: Rs. 92,970.05 crore (1.82% YoY decrease)

Total Assets #

• Rs. 3,23,692 crore (7.59% increase)

Reserves and Surplus #

• Rs. 15,401 crore (Increased from Rs. 13,809 crore)

Asset Quality Analysis #

• Gross NPA: 3.46% (Rs. 6,463.30 crore), reduced from 4.78% (Rs. 7,726.46 crore) YoY
• Net NPA: 0.89% (Rs. 1,622 crore), reduced from 1.29% (Rs. 2,018 crore) YoY
• Provision Coverage Ratio (PCR): 95.38% (Improved from 94.50% YoY)
• Cash recovery and upgradation in NPAs: Rs. 1,397.62 crore
• Cash recovery in technically written-off accounts: Rs. 1,613.91 crore

Capital Adequacy #

• Capital Adequacy Ratio (CAR): 16.98% (Improved from 16.51% YoY)
• CET-I Ratio: 14.14% (Increased from 13.51%)
• Tier-I Ratio: 14.54% (Increased from 13.96%)

Key Performance Ratios #

• Net Interest Margin (NIM): 2.92% (Improved from 2.87% in FY23)
• Cost of Funds: 4.63% (Increased from 3.86%)
• Yield on Advances: 8.46% (Increased from 7.46%)
• Cost to Income Ratio: Deteriorated

UCO Bank FY 2023-24 Financial Performance Analysis #

Economic Environment & Outlook #

The global economic outlook for 2025 projects a steady growth of 3.2%, mirroring 2024. India’s economy is estimated to have grown at 7.6% in FY24, with a GDP projection of 7.0% for FY25. Aggregate deposits of All Scheduled Commercial Banks (ASCB) grew at 13.5% in FY24, and credit growth accelerated to 20.2% in FY24.

Key Financial Highlights (FY 2023-24 vs FY 2022-23) #

• Operating Profit: Increased by 5.43% to Rs. 4576 crores.
• Net Profit: Declined by 11.20% to Rs. 1654 crores, due to higher provisions and operating expenses.
• Net Interest Income (NII): Grew by 10.32% to Rs. 8101 crores.
• Non-Interest Income: Increased by 30.18% to Rs. 3266 crores.
• Operating Expenses: Rose by 23.21% to Rs. 6793 crores.
• Provisions and Contingencies: Total provisions increased by 17.92% to Rs. 2922 crores.
  • Provisions for NPAs: Rs. 1068 crores
  • Provisions for NPI and others: Rs. 734 crores
  • Provisions for Standard Assets: Rs. 205 crores
  • Provisions for Income Tax (including DTA): Rs. 915 crores

Business Growth & Portfolio Quality #

• Global Business: Increased by 9.50% to Rs. 4,50,007 crores.
• Global Deposits: Grew by 5.53% to Rs. 2,63,130 crores.
  • Domestic CASA deposits constituted 39.25% of domestic deposits.
  • Domestic Savings Deposits grew by 6.19% to Rs. 86,029 crores.
  • Domestic Current Deposits grew by 20.46% to Rs. 12,091 crores.
• Global Advances: Increased by 15.62% to Rs. 1,86,877 crores.
  • Retail business grew by 14.62%.
  • Agriculture Loan segment grew by 13.16% to Rs. 24,641 crores.
  • MSME segment grew by 13.53% to Rs. 32,714 crores.
  • RAM (Retail, Agriculture, MSME) share in total domestic advances stood at 60.09%.
• Asset Quality:
  • Gross NPA (GNPA): Reduced to 3.46%.
  • Net NPA (NNPA): Reduced to 0.89%.
  • Provision Coverage Ratio (PCR): Improved to 95.38%.
• Capital Adequacy Ratio (CAR - Basel III): Stood at 16.98%.

Shareholder Returns #

The Board of Directors recommended an equity dividend of 2.8%, amounting to Rs. 0.28 per share, for the financial year ending March 2024.

Key Ratios #

• Cost of Funds: 4.63%
• Yield on Advances: 8.46%
• Net Interest Margin (NIM): 2.92%
• Cost-Income Ratio: 59.74%

Strategic Initiatives & Operational Developments #

• Digital Adoption: Focused on increasing usage of digital banking channels.
• Enhanced Data Security: Established a 24x7 Cyber Security Operations Center (CSOC).
• Staff Capabilities: Introduced Project Samsiddhi for Digital HR transformation.
• Asset Portfolio Management: Prioritized acquisition/expansion in highly-rated borrowal accounts for corporate loans.
• Treasury Operations: Domestic investment decreased by 1.82%.
• Social Banking & Financial Inclusion:
  • Priority Sector Advances reached 54.54% of ANBC.
  • Agriculture advances at 18.77% of ANBC.
  • Credit to SHGs stood at Rs. 3210 Cr.
  • PMJDY accounts reached 136.37 lakhs.
• Regional Rural Banks (RRBs): Paschim Banga Gramin Bank (PBGB) reported a net profit of Rs. 50.65 crores in FY24.

Future Outlook #

Management highlighted India’s strong economic fundamentals and the positive outlook for the banking sector.

UCO Bank Financial Performance Analysis - FY 2023-24 #

Overview #

UCO Bank’s financial performance in FY 2023-24 showed growth in operating profit and total income, along with improved asset quality. However, net profit decreased due to increased provisions. The Bank focused on expanding its retail, agriculture, and MSME (RAM) loan portfolio and strengthening its digital infrastructure.

Key Financial Highlights (FY 2023-24 vs FY 2022-23) #

• Operating Profit: Increased by 5.43% to Rs. 4,576.25 crore from Rs. 4,340.67 crore.
• Net Profit: Declined by 11.20% to Rs. 1,653.74 crore from Rs. 1,862.34 crore, attributed to higher provisions (Rs. 2,922 crore in FY24 vs Rs. 2,478 crore in FY23, an increase of 17.92%).
• Total Income: Grew by 24.61% to Rs. 25,119.87 crore from Rs. 20,158.89 crore.
• Net Interest Income (NII): Recorded a growth of 10.32%, reaching Rs. 8,101 crore from Rs. 7,343 crore. This was driven by higher growth in the advances portfolio, with interest income from advances increasing by 36.92% to Rs. 14,162 crore.
• Non-Interest Income: Increased significantly by 30.18% to Rs. 3,266 crore from Rs. 2,508 crore.
• Operating Expenses: Rose by 23.21% to Rs. 6,791 crore from Rs. 5,510 crore. Staff expenses, a major component, increased by 26.18% to Rs. 4,887 crore.
• Provisions and Contingencies: Total provisions increased by 17.92% to Rs. 2,922 crore. Key provisions included Rs. 1,068 crore for Non-Performing Assets (NPAs), Rs. 734 crore for NPI and others, Rs. 205 crore for Standard Assets, and Rs. 915 crore for Income Tax.
• Asset Quality:
  • Gross NPA (GNPA): Reduced to Rs. 6,463.30 crore (3.46%) from Rs. 7,726.46 crore (4.78%).
  • Net NPA (NNPA): Declined to Rs. 1,622 crore (0.89%) from Rs. 2,018 crore (1.29%).
  • Provision Coverage Ratio (PCR): Improved to 95.38% from 94.50%.
• Business Growth:
  • Global Business: Increased by 9.50% to Rs. 4,50,007 crore.
  • Global Deposits: Grew by

UCO Bank Financial Performance Analysis for FY 2023-24 #

Overall Financial Performance Summary #

UCO Bank reported a mixed financial performance for the fiscal year ended March 31, 2024. While Operating Profit and Net Interest Income saw growth, Net Profit declined due to higher provisions. The Bank demonstrated improvements in asset quality and maintained a healthy capital adequacy ratio. A dividend of Rs. 0.28 per share (2.8%) has been recommended for FY2023-24, the first in nine years.

Profitability Analysis #

Operating Profit #

Increased by 5.43% to Rs. 4,576.25 crore in FY2024 from Rs. 4,340.67 crore in FY2023.

Net Profit #

Declined by 11.20% to Rs. 1,653.74 crore in FY2024 from Rs. 1,862.34 crore in FY2023. The decrease was primarily attributed to higher provisions.

Appropriations #

Rs. 413.44 crore, representing 25% of the current year’s profit, was transferred to the statutory reserve fund. An amount of Rs. 413.44 crore was transferred to Statutory Reserves and Rs. 10.38 crore to Capital Reserves from the year’s profit.

Reserves and Surplus #

Total Reserves and Surplus stood at Rs. 15,401 crore as on March 31, 2024, compared to Rs. 13,809 crore as on March

UCO Bank Financial Performance Analysis FY 2023-24 #

Executive Summary #

UCO Bank reported mixed financial results for FY 2023-24. Operating Profit and business volumes grew, but Net Profit declined due to higher provisions. Asset quality improved with reductions in NPAs. Capital adequacy ratios remained above regulatory requirements. The Bank recommended an equity dividend after nine years. Key focus areas included digital transformation, lending to RAM sectors, and strengthening risk management.

Macroeconomic and Banking Sector Overview #

The global economic outlook for 2025 projects growth of 3.2%. India’s GDP grew by 7.6% in FY 2024, projected at 7.0% for FY 2025 by the RBI. CPI inflation was 4.83% in April 2024. Aggregate deposits of ASCBs grew by 13.5% in FY 2024, with credit growth accelerating to 20.2%. Digital payments and technological innovations continue to drive efficiency.

Financial Performance Analysis #

Profitability #

• Operating Profit: Increased by 5.43% to Rs. 4,576 crores in FY 2024.
• Net Profit: Declined by 11.20% to Rs. 1,654 crores in FY 2024, attributed to higher provisions.
• Net Interest Income (NII): Grew by 10.32% to Rs. 8,101 crores in FY 2024, driven by advances.
• Non-Interest Income: Increased by 30.18% to Rs. 3,266 crores in FY 2024.
• Operating Expenses: Rose by 23.21%, due to increases in staff expenses (26.18%) and other expenses (16.19%).
• Provisions and Contingencies: Increased by 17.92% to Rs. 2,922 crores in FY 2024.
  • Provisions for NPAs: Rs. 1,068 crores (FY24) vs. Rs. 1,296 crores (FY23).
  • Provisions for NPI and others: Rs. 734 crores (FY24) vs. Rs. 81 crores (FY23).
  • Provisions for Standard Assets: Rs. 205 crores (FY24) vs. Rs. 59 crores (FY23).
  • Provisions for Income Tax (including DTA): Rs. 915 crores (FY24) vs. Rs. 1,043 crores (FY23).
• Cost of Deposits: Increased to 4.78% in FY 2024.
• Yield on Advances: Improved to 8.46% in FY 2024.
• Net Interest Margin (NIM): Stood at 2.92% for FY 2024.
• Cost to Income Ratio: Deteriorated to 59.74% in FY 2024.
• Return on Assets (ROA): Stood at 0.53% for FY 2024.
• Earnings Per Share (EPS): Diluted EPS was Rs. 1.38 for FY24.

Asset Quality #

• Gross NPA (GNPA): Reduced to 3.46% as of March 31, 2024.
• Net NPA (NNPA): Decreased to 0.89% as of March 31, 2024.
• Provision Coverage Ratio (PCR): Improved to 95.38% as of March 31, 2024.

UCO Bank Financial Performance Analysis for FY 2023-24 #

Profitability and Income Analysis #

• Operating Profit: Rs. 4,576 crore for FY2023-24, a growth of 5.43% from Rs. 4,341 crore in FY2022-23.
• Net Profit: Declined by 11.20% to Rs. 1,654 crore in FY2023-24 from Rs. 1,862 crore in FY2022-23 due to higher provisions.
• Net Interest Income (NII): Grew by 10.32% to Rs. 8,101 crore in FY2023-24 from Rs. 7,343 crore in FY2022-23. Interest income from advances rose by 36.92% to Rs. 14,162 crore.
• Non-Interest Income: Increased to Rs. 3,266 crore in FY2023-24 from Rs. 2,508 crore in FY2022-23, a growth of 30.18%.
• Operating Expenses: Rose by 23.21% year-on-year. Staff expenses increased by 26.18% to Rs. 4,887 crore.
• Provisions and Contingencies: Increased by 17.92% to Rs. 2,922 crore in FY2023-24 from Rs. 2,478 crore.
  • Provisions for Non-Performing Assets (NPAs) decreased to Rs. 1,068 crore from Rs. 1,296 crore.
  • Provisions towards Non-Performing Investments (NPI) and others increased to Rs. 734 crore from Rs. 81 crore.
  • Provisions for Standard Assets rose to Rs. 205 crore from Rs. 59 crore.
  • Income tax provisions stood at Rs. 915 crore, down from Rs. 1,043 crore.

Margins and Ratios #

• Net Interest Margin (NIM) improved to 2.92% in FY2024 from 2.87% in FY2023.
• Cost of Funds increased to 4.63% from 3.86%.
• Yield on Advances improved to 8.46% from 7.46%.
• Cost-Income Ratio deteriorated to 59.74% from 55.94%.

Balance Sheet Analysis #

• Total Assets: Increased by 7.59% to Rs. 3,23,692 crore as of March 31, 2024, from Rs. 3,00,863 crore.
• Global Deposits: Grew by 5.53% to Rs. 2,63,130 crore from Rs. 2,49,338 crore.
  • Domestic CASA deposits as a percentage of domestic deposits improved to 39.25% from 37.82%.
  • Domestic Current Deposits showed strong growth of 20.46% to Rs. 12,091 crore.
  • Domestic Savings Deposits grew by 6.19% to Rs. 86,029 crore.
• Global Advances: Increased by 15.62% to Rs. 1,86,877 crore from Rs. 1,61,629 crore.
  • Domestic advances grew by 16.38% to Rs. 1,62,272 crore.
  • The Retail, Agriculture, and MSME (RAM) segment constituted 60.09% of total domestic advances.
  • Retail loans grew by 14.62%, with Home Loans up by 21.23% and Vehicle Loans up by 31.24%.
  • Agriculture loans increased by 13.16%, and MSME loans by 13.53%.

Financial Analysis Report: UCO Bank - Financial Year Ended March 31, 2024 #

Macroeconomic and Banking Sector Overview #

The global economic growth outlook for 2025 is projected at 3.2%, consistent with 2024. Global headline inflation is anticipated to decrease from an estimated 5.9% in 2024 to 4.5% in 2025.

India’s economy demonstrated resilience, with an estimated growth of 7.6% in FY2024. The GDP projection for FY2025 is 7.0%. CPI inflation stood at 4.83% in April 2024. The domestic banking system saw aggregate deposits of All Scheduled Commercial Banks (ASCBs) grow by 13.5% in FY2024, and credit growth accelerated to 20.2%.

Financial Performance #

Profitability #

The Bank’s Operating Profit for FY2023-24 increased by 5.43% to Rs. 4,576 crore. Net Profit declined by 11.20% to Rs. 1,654 crore in FY2023-24, primarily due to higher provisions and establishment expenses.

Net Interest Income (NII) grew by 10.32% to Rs. 8,101 crore in FY2023-24. Interest income from advances rose by 36.92% to Rs. 14,162 crore. Conversely, interest income from investments declined by 1.60%.

Non-Interest Income increased by 30.18% to Rs. 3,266 crore in FY2023-24.

Operating Expenses rose by 23.21%, mainly due to a 26.18% increase in staff expenses (to Rs. 4,887 crore) and a 16.19% rise in other operating expenses.

The Board of Directors recommended an equity dividend of Rs. 0.28 per share (2.8%) for FY2023-24, after a nine-year interval.

Key Ratios #

• Net Interest Margin (NIM) improved to 2.92% in FY2024 from 2.87% in FY2023.
• Cost of Funds increased to 4.63% in FY2024 from 3.86% in FY2023. The average cost of deposits rose to 4.78% in FY2024 from 4.06% in FY2023.
• Yield on Advances increased to 8.46% in FY2024 from 7.46% in FY2023.
• Cost to Income Ratio deteriorated to 59.74% in FY2024 from 55.94% in FY2023.

Balance Sheet Analysis #

Assets #

Total Assets increased by 7.59% to Rs. 3,23,692 crore as of March 31, 2024.

Global Advances grew by 15.62% to Rs. 1,86,877 crore. Domestic advances increased by 16.38% to Rs. 1,62,272 crore.

The Retail, Agriculture, and MSME (RAM) segments constituted 60.09% of total domestic advances as of March 31, 2024.

• Retail business grew by 14.62%. Within retail, Home Loans saw a 21.23% YoY growth and Vehicle Loans grew by 31.24%.
• Agriculture loan portfolio increased by 13.16% to Rs. 24,641 crore.
• MSME advances grew by 13.53% to Rs. 32,714 crore.

Gross Investments decreased by 2.38% to Rs. 95,265 crore as of March 31, 2024. Domestic Investment decreased by 1.82% to Rs. 92,970.05 crore.

Liabilities #

Aggregate Liabilities (excluding capital and reserves) rose by 7.72% to Rs. 2,96,335 crore as of March 31, 2024.

Global Deposits increased by 5.53% to Rs. 2,63,130 crore. Domestic deposits grew by 3.83% to Rs. 2,49,965 crore.

CASA (Domestic) deposits increased by 7.76% YoY to Rs. 98,120 crore, with Savings Deposits growing by 6.19% (to Rs. 86,029 crore) and Current Deposits by 20.46% (to Rs. 12,091 crore). The share of domestic CASA in domestic deposits improved to 39.25% from 37.82%.

Capital Adequacy #

The Capital Adequacy Ratio (CAR) under Basel III stood at 16.98% as of March 31, 2024. CET-I Ratio was 14.14%. Tier-I Capital Ratio was 1