UCO Bank Q1 Update: Total business up 15.46%, advances up 21% YoY

State-run UCO Bank Ltd on Thursday (July 2) said its total business rose 15.46% year-on-year to ₹6.05 lakh crore as of June 30, 2026, driven by double-digit growth in advances and deposits.

The bank’s total advances increased 21.33% year-on-year to ₹2.73 lakh crore, while total deposits rose 11.04% to ₹3.32 lakh crore. Domestic advances grew 22.50% to ₹2.45 lakh crore, while domestic deposits increased 12.14% to ₹3.14 lakh crore.

According to the filing, total business stood at ₹6.05 lakh crore compared with ₹5.24 lakh crore a year earlier and ₹5.90 lakh crore in the previous quarter. The credit-deposit (CD) ratio stood at 82.15% as of June 30, 2026, compared with 75.38% a year earlier and 80.21% in March 2026.

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The bank said the figures are provisional and subject to review by its statutory central auditors.

In May this year, UCO Bank had secured a major reprieve in a tax dispute, with a substantial reduction in its Goods and Services Tax (GST) liability following an appellate ruling.

In a regulatory filing, the bank said the Commissioner of GST & Central Excise (Appeals-I), Mumbai, has disposed of its appeal against an earlier demand order passed by the Additional Commissioner, CGST, Mumbai South.

The order, dated April 24, 2026 and received on May 4, has significantly reduced the GST demand to ₹4.86 crore from ₹1,473.48 crore, along with applicable interest and penalties under the CGST Act, 2017.

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The bank noted that it is currently evaluating the order and will take necessary steps as required. The sharp reduction in tax liability offers considerable relief, materially lowering contingent risks on the balance sheet and improving financial clarity.

Shares of UCO Bank Ltd ended at ₹27.14, up by ₹0.24, or 0.89%, on the BSE.