UCO Bank
UCO Bank
BanksKey Fundamentals
SmallcapPublic Sector BankBanksPrice-based figures as of 9 Oct 2026, 3:54 pm IST · EPS basis: Standalone · TTM
Tapetide Score
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Key Insights
Strengths
3- Stock is trading at 0.85 times its book value
- Company has been maintaining a healthy dividend payout of 20.1%
- Company's working capital requirements have reduced from 263 days to 119 days
Weaknesses
4- Company has low interest coverage ratio.
- Company has a low return on equity of 7.81% over last 3 years.
- Contingent liabilities of Rs.1,02,132 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, UCO Bank traded at Rs 22.93, about 3.2% above its 52-week low of Rs 22.22 and roughly 33% below its 52-week high of Rs 34.20. It had a market cap of Rs 28,753.21 Cr. The stock was valued at 10.24x trailing earnings (EPS of Rs 2.24) and 0.93x book, with a dividend yield of 1.89%. Profit grew at a 14% CAGR over 3 years and 13% over the trailing twelve months, but ROE was 7.92% and the stock returned -25% over 1 year and -19% CAGR over 3 years.
- As of 2026-10-01, the stock traded at a P/B of 0.93x, below book value. This gives some valuation cushion if asset quality and returns hold or improve.
- Profit has compounded at 14% over 3 years and 12% over 10 years, and TTM profit growth of 13% is well ahead of TTM sales growth of 5%. That points to better operating efficiency or lower credit costs.
- Profit CAGR of 110% over 5 years reflects a recovery from a very low or loss-making base, which signals a turnaround in the bank's financial position.
- Revenue grew at a 14% CAGR over 3 years and 13% over 5 years, well above the 4% 10-year CAGR. Balance sheet growth has picked up in recent years.
- The bank keeps a dividend payout of 20.1%, which gave a 1.89% dividend yield at Rs 22.93 on 2026-10-01.
- ROE has moved from -2% on a 10-year basis to 7% over 5 years, 8% over 3 years and 9% last year. Profitability is trending up steadily.
- At Rs 22.93 the stock sat just 3.2% above its 52-week low of Rs 22.22 and about 33% below its 52-week high of Rs 34.20, so much of the recent negative sentiment is already in the price.
- Working capital days fell from 263 to 119. This is a reported efficiency gain, though for a bank it is less meaningful than lending-specific metrics.
- ROE of 7.92% (7.81% average over 3 years) and ROCE of 5.32% are low and likely below the bank's cost of equity. This helps explain why the stock trades below book.
- Shareholder returns have been weak: -25% over 1 year, -19% CAGR over 3 years and -5% CAGR over 10 years, even though profits grew over those periods.
- Contingent liabilities total Rs 1,02,132 Cr, more than 3.5x the market cap of Rs 28,753.21 Cr. Some of these exposures could crystallise on the balance sheet.
- TTM sales growth slowed to 5%, against a 14% 3-year CAGR. Loan book growth or yields may be decelerating.
- The 10-year ROE of -2% and 10-year sales CAGR of 4% show a long history of asset quality stress and weak growth, so the current recovery has a short track record.
- A P/E of 10.24x on an ROE of 7.92% is not clearly cheap compared with a P/B of 0.93x. The valuation already prices in earnings at roughly book-value multiples despite sub-par returns.
- The data flags a low interest coverage ratio and possible capitalisation of interest cost. Leverage is inherent to banking, but these flags point to thin spreads on a modest ROCE of 5.32%.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- RBI starts tightening cycle Oct 8
RBI raised the repo rate 25 bps to 5.50%, its first hike in over three years, and moved to a 'calibrated tightening' stance. Consensus now expects 75-100 bps of total hikes, up from 50 bps, and ICRA expects another 25 bps in December, which could slow credit demand and push deposit costs up.
- Rising G-Sec yields hit treasury Oct 8
UCO's 10-year G-Sec-linked rate rose to 7.32% from 7.09%, and its 1-year rate rose to 6.26% from 5.88%. ICRA sees the 10-year yield trading at 7.15-7.35% with room to rise further, a mark-to-market risk for a PSU bank's bond book.
- UFBU strike notice for Sep-Oct Sep 10
UCO Bank disclosed a strike notice from the United Forum of Bank Unions covering late September and October 2026. The bank says it has taken steps to keep operations running, but branch services could still be disrupted.
- H2 liquidity and inflation pressures Oct 8
RBI raised its FY27 inflation forecast 20 bps to 5.2%, and ICRA expects CPI to average about 5.8% over the next three quarters. ICRA also expects seasonal currency leakage and the unwinding of RBI's forward book to tighten system liquidity in H2 FY27.
- RLLR hike supports loan yields Oct 8
Effective Oct 8, UCO raised its UCO Float RLLR 25 bps to 8.30% from 8.05% and its UCO Prime rate to 5.50% from 5.25%. TBLR went up across tenors: 3-month to 5.30%, 6-month to 5.70% and 12-month to 5.95%. Floating-rate loans repricing quickly could support NIMs before deposit costs catch up.
- GDP outlook upgraded to 7.1% Oct 8
RBI raised its FY27 GDP growth projection 40 bps to 7.1%, and brokerages expect double-digit earnings growth to continue on resilient domestic demand and early festive inventory build-up. That backdrop supports credit growth.
- GST Smart for MSME lending Sep 10
UCO Bank launched GST Smart with ScoreMe Solutions, a tool that feeds GST filing data into automated MSME credit decisions within the bank's own policy framework. It could speed up loan approvals and widen reach to thin-file MSME borrowers.
- MCLR and base rate unchanged Oct 8
UCO kept MCLR unchanged across all tenors: overnight 7.90%, 1-month 8.20%, 3-month 8.45%, 6-month 8.70% and 1-year 8.80%. Its base rate stays at 9.60% and BPLR at 14.25%, so MCLR-linked loans won't reprice right away.
- ED Kamble tenure extended Sep 23
The Central Government extended Executive Director Vijaykumar Nivrutti Kamble's tenure until his superannuation on March 31, 2027. This keeps senior management stable.
TL;DR: UCO Bank moved quickly to pass on RBI's 25 bps hike, lifting its RLLR to 8.30% from Oct 8. That should support yields on floating-rate loans, and its push into digital MSME lending through GST Smart adds to growth options. The risks are a longer tightening cycle (consensus 75-100 bps), hardening G-Sec yields of 7.15-7.35% that threaten treasury income, tighter liquidity in H2, and possible disruption from the Sep-Oct UFBU strike. The near-term picture is mixed: margin tailwinds from loan repricing could be offset by rising funding costs and bond losses if RBI hikes again in December as ICRA expects.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,224 | 5,219 | 5,552 | 5,860 | 6,024 | 6,078 | 6,220 | 6,745 | 6,436 | 6,537 | 6,652 | 6,656 | 6,996 |
| Expenses | 2,295 | 1,924 | 2,072 | 2,507 | 2,227 | 2,355 | 2,567 | 3,055 | 2,454 | 2,392 | 2,360 | 2,076 | 1,920 |
| Financing Profit | -286 | -7 | -84 | -319 | 27 | -54 | -190 | -356 | -51 | 141 | 286 | 538 | 889 |
| Fin. Margin % | -5% | 0% | -2% | -5% | 0% | -1% | -3% | -5% | -1% | 2% | 4% | 8% | 13% |
| Other Income | 633 | 647 | 861 | 1,125 | 835 | 993 | 1,186 | 1,392 | 997 | 884 | 869 | 709 | 1,686 |
| Interest | 3,215 | 3,302 | 3,564 | 3,672 | 3,770 | 3,778 | 3,842 | 4,046 | 4,033 | 4,004 | 4,006 | 4,042 | 4,188 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 347 | 640 | 777 | 806 | 862 | 939 | 996 | 1,036 | 946 | 1,025 | 1,155 | 1,247 | 2,575 |
| Tax % | 36% | 37% | 35% | 35% | 36% | 36% | 36% | 37% | 36% | 40% | 36% | 36% | 75% |
| Net Profit | 223 | 402 | 503 | 526 | 551 | 603 | 639 | 652 | 607 | 620 | 740 | 801 | 656 |
| EPS in Rs | 0.19 | 0.34 | 0.42 | 0.44 | 0.46 | 0.5 | 0.53 | 0.52 | 0.48 | 0.49 | 0.59 | 0.64 | 0.52 |
| Gross NPA % | 4.48% | 4.14% | 3.85% | 3.46% | 3.32% | 3.18% | 2.91% | 2.69% | 2.63% | 2.56% | 2.41% | 2.17% | 2.08% |
| Net NPA % | 1.18% | 1.11% | 0.98% | 0.89% | 0.78% | 0.73% | 0.63% | 0.5% | 0.45% | 0.43% | 0.36% | 0.27% | 0.25% |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19,359 | 18,561 | 16,326 | 14,020 | 14,331 | 15,134 | 14,446 | 14,981 | 17,651 | 21,854 | 25,067 | 26,281 | 26,841 |
| Expenses | 5,849 | 10,768 | 6,789 | 8,521 | 12,753 | 11,539 | 8,845 | 7,658 | 6,729 | 8,517 | 9,892 | 8,910 | 8,748 |
| Financing Profit | -286 | -5,920 | -2,972 | -5,396 | -8,441 | -6,446 | -3,365 | -1,185 | 614 | -416 | -262 | 1,286 | 1,854 |
| Fin. Margin % | -1% | -32% | -18% | -38% | -59% | -43% | -23% | -8% | 3% | -2% | -1% | 5% | 7% |
| Other Income | 2,004 | 1,596 | 2,114 | 1,121 | 1,514 | 2,871 | 3,424 | 3,101 | 2,508 | 3,266 | 4,407 | 3,460 | 4,149 |
| Interest | 13,797 | 13,713 | 12,509 | 10,895 | 10,019 | 10,042 | 8,966 | 8,508 | 10,307 | 13,754 | 15,437 | 16,085 | 16,240 |
| Depreciation | 136 | 137 | 153 | 152 | 137 | 137 | 134 | 165 | 218 | 281 | 311 | 372 | 0 |
| PBT | 1,582 | -4,460 | -1,011 | -4,427 | -7,065 | -3,713 | -75 | 1,750 | 2,905 | 2,569 | 3,834 | 4,373 | 6,002 |
| Tax % | 28% | -37% | 83% | 0% | -39% | -34% | -321% | 47% | 36% | 36% | 36% | 37% | — |
| Net Profit | 1,138 | -2,799 | -1,851 | -4,436 | -4,321 | -2,437 | 167 | 930 | 1,862 | 1,654 | 2,445 | 2,768 | 2,817 |
| EPS in Rs | 10.58 | -26.03 | -11.87 | -19.22 | -7.97 | -2.46 | 0.17 | 0.78 | 1.56 | 1.38 | 1.95 | 2.21 | 2.24 |
| Div. Payout % | 19% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20% | 20% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,076 | 1,076 | 1,560 | 2,308 | 5,423 | 9,918 | 9,918 | 11,956 | 11,956 | 11,956 | 12,540 | 12,540 |
| Reserves | 11,473 | 11,446 | 11,194 | 12,649 | 11,968 | 9,291 | 12,688 | 11,638 | 13,809 | 15,401 | 18,465 | 20,710 |
| Borrowing | 8,633 | 17,240 | 9,535 | 12,449 | 8,324 | 15,695 | 15,383 | 13,508 | 20,501 | 25,331 | 28,687 | 23,310 |
| Deposits | 2,15,957 | 2,07,118 | 2,01,285 | 1,81,849 | 1,97,907 | 1,93,203 | 2,05,919 | 2,24,073 | 2,49,338 | 2,63,130 | 2,93,542 | 3,27,563 |
| Other Liabilities | 8,779 | 8,002 | 7,767 | 6,800 | 6,863 | 7,800 | 9,428 | 6,609 | 5,260 | 7,873 | 9,247 | 11,737 |
| Total Liabilities | 2,45,917 | 2,44,883 | 2,31,340 | 2,16,056 | 2,30,484 | 2,35,908 | 2,53,336 | 2,67,784 | 3,00,863 | 3,23,691 | 3,62,481 | 3,95,858 |
| Fixed Assets | 1,066 | 2,878 | 2,843 | 2,867 | 2,814 | 2,832 | 3,151 | 3,287 | 3,444 | 3,717 | 3,791 | 4,126 |
| CWIP | 48 | 6 | 6 | 8 | 8 | 8 | 67 | 48 | 65 | 65 | 61 | 74 |
| Investments | 64,223 | 83,974 | 74,019 | 70,962 | 82,232 | 90,999 | 93,783 | 96,874 | 95,169 | 92,904 | 94,272 | 98,777 |
| Other Assets | 1,80,580 | 1,58,024 | 1,54,471 | 1,42,219 | 1,45,430 | 1,42,069 | 1,56,335 | 1,67,575 | 2,02,184 | 2,27,006 | 2,64,357 | 2,92,881 |
| Total Assets | 2,45,917 | 2,44,883 | 2,31,340 | 2,16,056 | 2,30,484 | 2,35,908 | 2,53,336 | 2,67,784 | 3,00,863 | 3,23,691 | 3,62,481 | 3,95,858 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 7,861 | -2,978 | -3,852 | -9,082 | 4,190 | -10,658 | 2,422 | 4,399 | 2,983 | 1,002 | 1,913 | -10,584 |
| Investing | -151 | -52 | -217 | -24 | 44 | -250 | 106 | -214 | -67 | -275 | -680 | -681 |
| Financing | -553 | -579 | 3,609 | 5,754 | 5,450 | 4,283 | 3,266 | -1,637 | -336 | -430 | 5,870 | -977 |
| Net Cash Flow | 7,157 | -3,610 | -459 | -3,352 | 9,684 | -6,626 | 5,794 | 2,548 | 2,580 | 297 | 7,102 | -12,242 |
| Free Cash Flow | 7,688 | -3,122 | -3,991 | -9,187 | 4,139 | -10,782 | 2,258 | 4,189 | 2,701 | 703 | 1,576 | -11,015 |
| CFO/OP | 58 | -38 | -40 | -165 | 266 | -296 | 43 | 60 | 27 | 8 | 13 | -61 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 10% | -22% | -15% | -32% | -27% | -13% | 0% | 4% | 8% | 6% | 8% | 9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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91 extracted metrics + investor summaries across FY00–FY27.
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Company Information
UCO Bank is engaged in providing wide range of banking and financial services including Retail Banking, Corporate Banking and Treasury Operations.[1]
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