Indian Overseas Bank, UCO Bank post Q1 loss as bad loans jump

By: |
August 9, 2016 9:08 PM

State-run Indian Overseas Bank , which has the highest bad loan ratio among the nation's lenders, reported on Tuesday a first-quarter net loss of 14.51 billion rupees ($217 million) with a further rise in its sour assets.

UCO BankUCO Bank, another state-run lender, posted a first-quarter net loss of 4.41 billion rupees. Its gross bad loan ratio widened to 17.19 percent as of end-June from 15.43 percent at end-March. (PTI)

State-run Indian Overseas Bank , which has the highest bad loan ratio among the nation’s lenders, reported on Tuesday a first-quarter net loss of 14.51 billion rupees ($217 million) with a further rise in its sour assets.

Bad loans as a percentage of total loans rose to 20.48 percent as of end-June from 17.4 percent three months earlier, the bank said in a filing.

Provisions, including for bad loans, more than tripled from a year earlier to 21.38 billion rupees in the three months to June 30.

UCO Bank, another state-run lender, posted a first-quarter net loss of 4.41 billion rupees. Its gross bad loan ratio widened to 17.19 percent as of end-June from 15.43 percent at end-March.

United Bank of India, also a state-run lender, said its first-quarter net profit fell about 27 percent from a year earlier to 383.2 million rupees. Its gross bad loan ratio was 14.29 percent as of end-June, compared with 13.26 percent in March.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Will surge in Covid cases shorten banking hours? Here’s what main union has told IBA
2DCB Bank picks up 9 pc stake in Techfino Capital
3Credit card issuances decline in Feb; ICICI Bank leads new issuances