UCO Bank net loss widens to Rs 1,016 cr

UCO Bank net loss widens by 132 per cent to Rs 1,016 crore

Interest income drops by 16 per cent to Rs 819 crore

Kolkata, Feb 9

UCO Bank’s net loss widened by nearly 132 per cent due to a dip in its core business and one-time provisioning towards two large corporate accounts. The net loss widened to Rs 1,016 crore during the quarter ended December 31, 2017, compared with Rs 437 crore in the same period last year.

The Reserve Bank of India had permitted the bank to set aside around Rs 440 crore towards two large accounts in the third and fourth quarter of the current fiscal.

Accordingly, the bank had made a provision of Rs 220 crore during the third quarter and plans to provide the remaining Rs 220 crore in the fourth quarter of this fiscal, the bank said in a regulatory filing to the stock exchange on Friday.

Gross non-performing assets (NPA) as a percentage of total advances increased to 20.64 per cent (17.18 per cent), while net NPAs grew to 10.9 per cent (8.99 per cent).

Interest income dropped by 16 per cent to Rs 819 crore during the quarter ended December 31, 2017, compared with Rs 975 crore in the same period last year. Other income decreased to Rs 272 crore (Rs 672 crore). The bank’s capital adequacy ratio was at 9.01 per cent (10.26 per cent).

Published on February 09, 2018
TOPICS
quarterly or semiannual financial statement
UCO Bank

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