UCO Bank net drops 69% on rising NPAs

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SummaryState-owned UCO Bank on Tuesday reported 69.2% slump in net profit at Rs 102.47 crore for the quarter ended December 31, 2012 on account of rising bad loans.

State-owned UCO Bank on Tuesday reported 69.2% slump in net profit at Rs 102.47 crore for the quarter ended December 31, 2012 on account of rising bad loans.

Its net profit over the same quarter in the previous fiscal stood at R332.55 crore. The total income of the bank during October-December of 2012-13 fiscal rose, however, to R4,360.88 crore, from R3,973.62 crore in the third quarter of the previous fiscal, it said in a filing to the BSE.

Net non-performing assets (NPAs) or bad loans of the bank increased to 3.32% during the quarter, from 2.04% in the corresponding quarter of last fiscal. In terms of amount, the net NPAs rose to R3,927 crore, from R2,131.07 crore.

For nine-months ended December 2012, the net profit of the bank declined by 33.6 per cent at R568.64 crore from R855.83 crore in the year-ago period.

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