UCO Bank’s net dips 80% in Q4

May 08 2013, 03:13 IST
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SummaryState run UCO Bank on Tuesday reported an 80% y-o-y decline in net profit at R49.55 crore for the quarter ended March FY13 against a net profit of R252.84 crore during the corresponding period a year ago.

State run UCO Bank on Tuesday reported an 80% y-o-y decline in net profit at R49.55 crore for the quarter ended March FY13 against a net profit of R252.84 crore during the corresponding period a year ago.

For the entire FY13, the bank posted a net profit of R618.19 crore, down 79.34% y-o-y. The bank posted a net profit of R1,108.67 crore in FY12.

Total income of the bank for the fourth quarter in FY13 increased 7.36% y-o-y to R4,527.06 crore from R4,216.63 crore during the corresponding previous fiscal.

Total income for the full year in FY13 increased 13.50% y-o-y to R17,703 .88 crore from R15,597.92 crore in the previous fiscal.

The bank’s net profit dipped mainly due to higher provisioning in the final quarter of the fiscal. Provisioning increased to R977 crore during the last quarter of the fiscal from R456 crore during the corresponding period previous fiscal.

The bank’s gross NPA during the quarter under review increased to R7,130.09 crore from R4,086.20 crore during the same period a year ago.

Gross NPA of the bank increased to 5.42% in the last quarter of the fiscal under review from 3.48% during the corresponding period previous fiscal.

The bank’s net NPA during the quarter increased to 3.17% from 1.96% during the same period a year ago.

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