1. Uco Bank loss widens 62 pct to Rs 622.6 cr; asset quality worsens further

Uco Bank loss widens 62 pct to Rs 622.6 cr; asset quality worsens further

State-run Uco Bank on Friday reported that its net loss widened by 62% year-on-year to Rs 622.56 crore for the second quarter ended September 30 from Rs 384.83 crore for the same period a year ago as its operating profit declined 78% y-o-y.

By: | Kolkata | Updated: November 4, 2017 11:30 AM
uco bank, uco bank profit, uco bank turnover During the first quarter this fiscal, the lender had posted a net loss of Rs 663.02 crore.

State-run Uco Bank on Friday reported that its net loss widened by 62% year-on-year to Rs 622.56 crore for the second quarter ended September 30 from Rs 384.83 crore for the same period a year ago as its operating profit declined 78% y-o-y. During the first quarter this fiscal, the lender had posted a net loss of Rs 663.02 crore. The bank’s asset quality worsened further in the September quarter on a year-on-year basis, while on quarter-on-quarter basis, it showed some improvement. Gross non-performing assets (NPAs) in absolute term rose 9.7% y-o-y to Rs 24,434.95 crore during the period under review. However, on q-o-q basis, the gross NPAs were down by a marginal 2.5% from Rs 25,054.21 crore in the June quarter this fiscal, according to a stock exchange filing. During July-September this year, the public sector bank’s operating profit saw a 78% y-o-y dip at Rs 243.79 crore against Rs 1,108.02 crore in the year-ago period on the back of close to 24% decline in its total income at Rs 3,757.51 crore. Net interest income (NII) also decreased 47.4% y-o-y to Rs 655.46 crore from Rs 1,246.27 crore in the corresponding period last fiscal. Provisions and contingencies fell 41.9% y-o-y to Rs 864.70 crore from Rs 1,488.34 crore in the corresponding period of FY17.

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