UCO Bank posts $257 mn Q4 loss as bad loans surge

By: |
Mumbai | May 13, 2016 2:16 PM

UCO Bank reported a fourth-quarter net loss of Rs 17.15 billion ($257 million) as its provisions for bad loans surged.

The Kolkata-based bank had reported a net profit of Rs 2.09 billion in the year-ago quarter. (Express Photo)The Kolkata-based bank had reported a net profit of Rs 2.09 billion in the year-ago quarter. (Express Photo)

UCO Bank reported a fourth-quarter net loss of Rs 17.15 billion ($257 million) as its provisions for bad loans surged.

Shares of the state-run lender fell more than 6 percent after the results.

The Kolkata-based bank had reported a net profit of Rs 2.09 billion  in the year-ago quarter.

Its gross bad loans as a percentage of total loans increased to 15.43 percent in March from 10.98 percent as of December.

Five other state-run banks, including second-biggest Bank of Baroda, are due to report fourth-quarter results on Friday.

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