1. Uco Bank posts Rs 385-cr loss in Q2 as total income falls, provisions rise

Uco Bank posts Rs 385-cr loss in Q2 as total income falls, provisions rise

State-run Uco Bank on Wednesday reported R384.83 crore net loss for the second quarter ended September 30, as its total income fell and provisions increased to cover huge amount of bad loans.

By: | Kolkata | Published: November 10, 2016 6:16 AM

State-run Uco Bank on Wednesday reported Rs 384.83 crore net loss for the second quarter ended September 30, as its total income fell and provisions increased to cover huge amount of bad loans. The bank had posted Rs 156.20 crore net profit in the year-ago period.

During the September quarter, the Kolkata-based lender’s non-performing assets (NPAs) in absolute term surged by more than 82% year-on-year to R22,275.51 crore from R12,226.66 crore in same period a year ago. Gross NPA as a percentage of total loans rose to 16.51% from 8.51% a year ago, the bank said in a BSE filing.

On a q-o-q basis, gross NPA, however, dipped by 1.4% from R22,597.70 crore in the June quarter. Its gross NPA ratio had stood at 17.19% as on June 30. Total income of the bank declined by close to 7% y-o-y at R4,941.41 crore as its net interest income saw 12% y-o-y decrease at R1,246.27 crore during the period under review. The bank’s operating profit also declined by close to 2% y-o-y at R1,108.02 crore.

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