UCO Bank narrows Q1 net loss to Rs 601 crore

The bank, which is under the prompt corrective action (PCA) framework of the Reserve Bank of India, had reported a net loss of Rs 1,552.03 crore for the fourth quarter of the last fiscal.

Written by FE Bureau

August 9, 2019 03:10 IST

UCO Bank, UCO Bank loss, prompt corrective action, fiscal year, Reserve Bank of India

The lender saw an improvement in the asset quality during the period.

UCO Bank on Thursday narrowed its net loss to Rs 601.45 crore for the quarter ended June 30, from Rs 633.88 crore for the same period a year ago. The lender saw an improvement in the asset quality during the period.

The bank, which is under the prompt corrective action (PCA) framework of the Reserve Bank of India, had reported a net loss of Rs 1,552.03 crore for the fourth quarter of the last fiscal.

The lender’s operating profit during the June quarter witnessed a marginal 1.63% year-on-year rise to Rs 1,201.44 crore, from Rs 1,182.17 crore in the year-ago period.

Net interest income grew 8.71% y-o-y to Rs 1,334.97 crore, compared with Rs 1,228.02 crore for the same period of FY19. During the reviewed quarter, gross NPAs in absolute terms fell to Rs 29,431.60 crore from Rs 29,888.33 crore in the March quarter last fiscal.

Gross NPA had stood at Rs 29,786.41 crore at the end of the June quarter last fiscal, according to an exchange filing.

This article was first uploaded on August nine, twenty nineteen, at ten minutes past three in the night.