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UCO Bank narrows loss to Rs 960 crore in third quarter

With an infusion of Rs 2,142 crore in January 2020, the government’s stake will increase to about 2 per cent after allotment in the Q4 period.

Capital adequacy ratio too will jump to over 12 per cent.
Capital adequacy ratio too will jump to over 12 per cent.

State-owned UCO Bank on Thursday said its net loss narrowed to Rs 960.17 crore in the third quarter ended December 2019 as compared to Rs 998.74 crore in the corresponding period last year.

Operating profit of the bank rose to Rs 1,210.52 crore in the quarter under review, as against Rs 381.41 crore a year ago. The bank’s MD and CEO A K Goyal said they expect to recover Rs 725 crore in the fourth quarter.

With an infusion of Rs 2,142 crore in January 2020, the government’s stake will increase to about 2 per cent after allotment in the Q4 period. Capital adequacy ratio too will jump to over 12 per cent.

The bank has improved its net interest margin (NIM) to 2.62 per cent in the December quarter against 1.62 per cent in the December 2018 quarter, Goyal said. He said fresh slippages were at Rs 2,078 crore during the quarter under review as against Rs 3,800 crore in the same quarter last year.

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