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UCO Bank net loss widens by 50% in Q1

Staff reporter, New Delhi
03/08/2017   0 Comments

UCO Bank has reported a net loss of Rs 663.02 crore in the quarter ended June 30, 2017, widening by over 50 per cent from Rs 440.56 crore in the year-ago period.
The loss was attributed to higher provisioning for bad loans and dip in income.
The provisions for non-performing assets (NPAs) were at Rs 1,204.25 crore during the quarter under review, up by 28 per cent from Rs 942.73 crore in corresponding period last year.
Provisions and contingencies increased marginally by 1.7 per cent over last year to Rs 1,272.10 crore from Rs 1,250.50 crore in the corresponding period last year.
The bank’s asset quality worsened further in the June quarter as its gross NPAs, in absolute terms, at Rs 25,054.21 crore rose by close to 11 per cent over last years’ Rs 22,597.70 crore in the same quarter last year.
During the period under review, the public sector bank’s total income saw a 10.4 per cent dip at Rs 4,237.04 crore as against Rs 4,727.93 crore in the year-ago period.


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