UCO Bank (UCOBANK)

Financial Services · Banks · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹23.98 ↓ 17.31% (1Y)

🎯 Key Takeaways

UCO Bank is in a phase of controlled expansion and operational efficiency improvement, transitioning from a period of asset quality stress to a growth-oriented trajectory supported by strong retail and MSME loan momentum. Management is focused on scaling high-yield segments while maintaining profitability discipline and improving asset quality, as evidenced by declining GNPA and Net NPA ratios.
Revenue grew 8.4% QoQ to ₹6,745 in Q4FY25.
⚠️ Rapid loan growth (19.5% FY26) and portfolio expansion pose VR risks despite asset quality improvements, as highlighted in the Fitch rating report.

Market Cap

₹30,070

P/E Ratio

11.6

P/B Ratio

0.97

ROE

7.9%

ROCE

32.4%

Debt/Equity

0.93

Div Yield

1.63%

Promoter

91.0%

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📖 The Story

UCO Bank is in a phase of controlled expansion and operational efficiency improvement, transitioning from a period of asset quality stress to a growth-oriented trajectory supported by strong retail and MSME loan momentum. Management is focused on scaling high-yield segments while maintaining profitability discipline and improving asset quality, as evidenced by declining GNPA and Net NPA ratios. The bank benefits from deep promoter ownership and a stable capital structure, though its growth pace remains constrained by regulatory and operational limits.

📰 What's Happening

In Q1 FY27, UCO Bank reported 15.53% YoY business growth to ₹6,05,000 crores, driven by 21.18% advances growth and 11.28% deposit expansion, with CASA at 36.94%. Operating profit surged 79.8% YoY to ₹2,810 crores, and net profit rose 8% to ₹656 crores, supported by improved asset quality (GNPA 2.08%, Net NPA 0.25%). Key growth engines include RAM sector (64.52% of advances) with 25.27% growth, home loans (20% YoY), and vehicle loans (65% YoY). Management maintained 12-14% credit growth guidance despite observing 20-21% growth, targeting NIM of 2.8-2.9% and cost-to-income ratio below 50% post-normalization, with digital transformation accelerating via Project Parivartan 2.0 and ULI integration.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Revenue	6,024	6,078	6,220	6,745
Operating Profit	1,321	1,432	1,586	1,699
OPM %	19.3%	20.2%	21.4%	20.9%
Net Profit	551	603	639	652
EPS	₹0.45	₹0.51	₹0.54	₹0.56

Operating profit has grown steadily from ₹1,321 crores in Jun 2024 to ₹1,699 crores in Mar 2025, reflecting improved operational efficiency and scale, while net profit rose from ₹551 to ₹652 crores over the same period, indicating better cost and provisioning management. Revenue growth has been consistent, with a slight dip in OPM from 21.4% to 20.9% over the last four quarters, suggesting margin pressure from rising input costs or competitive pricing, though offset by strong growth in high-margin retail segments. The bank has not raised fresh capital, relying instead on retained earnings and stable equity levels to fund expansion.

🔮 Management Outlook & What's Next

Management expects 12 to 14% credit growth in the upcoming period, targeting a NIM of 2.8 to 2.9% and a cost-to-income ratio below 50% post-normalization. They emphasize continued digital transformation through Project Parivartan 2.0 and ULI integration to enhance efficiency and customer reach. Asset quality improvement and scalable retail lending — particularly in home and vehicle loans — are cited as key pillars of the growth strategy, with no mention of major M&A or structural changes.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2025	Mar 2025
Equity Capital	11,956	11,956	11,956	12,540
Reserves	15,121	16,056	16,546	18,345
Borrowings	29,034	21,727	30,064	28,687
Total Liabilities	3.32 L Cr	3.33 L Cr	3.47 L Cr	3.62 L Cr
Fixed Assets	3,781	3,825	3,844	3,791
Investments	93,596	93,557	94,010	94,153
Total Assets	3.32 L Cr	3.33 L Cr	3.47 L Cr	3.62 L Cr

Equity has increased from ₹11,956 crores to ₹12,540 crores between the latest two reporting periods, while reserves grew from ₹16,056 to ₹18,345 crores, indicating retained earnings accumulation. Borrowings rose from ₹21,727 to ₹28,687 crores, reflecting increased funding for loan book expansion, though the debt-to-equity ratio remains manageable at 0.93. Total assets have grown steadily, supporting the bank’s expansion strategy without aggressive capital market reliance.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+1,913
Investing	-328
Financing	+5,869
Net Cash Flow	+7,454

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	91.0%	91.0%	91.0%	91.0%
FII	0.1%	0.1%	0.1%	0.1%
DII	4.5%	4.4%	4.4%	4.3%
Public	4.0%	4.1%	4.1%	4.2%
# Shareholders	8,50,102	8,49,729	8,49,084	8,47,182

Promoter holding remains stable at 90.95% over the past four quarters, indicating strong control and confidence. FII shareholding has fluctuated slightly, from 0.06% to 0.13%, while DII increased from 4.31% to 4.52%, suggesting gradual institutional accumulation. The growing number of public shareholders (8,47,182 to 8,50,102) reflects retail market engagement, but the low free float (under 10%) limits liquidity and makes the stock sensitive to large trades.

⚖️ Peer Comparison — Banks

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HDFCBANK	10.90 L Cr	13.8	25.0%	14.1%	1.00
ICICIBANK	9.89 L Cr	17.6	28.8%	16.4%	0.61
SBIN	9.20 L Cr	10.7	31.8%	14.8%	1.30
KOTAKBANK	4.16 L Cr	7.2	20.7%	11.2%	0.53
AXISBANK	3.88 L Cr	13.9	22.3%	13.1%	1.31
UNIONBANK	1.36 L Cr	6.6	44.9%	15.0%	0.58
PNB	1.34 L Cr	6.1	45.1%	13.7%	0.72
BANKBARODA	1.23 L Cr	6.8	31.2%	10.7%	1.03
INDIANB	1.15 L Cr	9.0	45.8%	15.7%	0.58
CANBK	1.12 L Cr	5.7	42.1%	16.1%	1.32

🔗 Peer Stock Analyses

HDFCBANK ICICIBANK SBIN KOTAKBANK AXISBANK

⚠️ Risk Factors

1. Rapid loan growth (19.5% FY26) and portfolio expansion pose VR risks despite asset quality improvements, as highlighted in the Fitch rating report. 2. Dependence on high-growth segments like vehicle and home loans could expose the bank to sector-specific slowdowns. 3. Limited auditor assurance on reviewed financials and delayed Basel III disclosures may raise governance concerns. 4. Low free float and concentrated ownership could amplify volatility during market stress.

📋 Recent Filings

🧠 Analyst's Read

UCO Bank is executing a disciplined turnaround narrative with measurable progress in profitability and asset quality, supported by strong retail franchise growth and government backing. Investors should monitor credit growth sustainability, margin trends, and the pace of digital transformation to assess whether the current trajectory can be maintained without compromising risk controls.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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