UCO Bank Q1 net slumps 51% to Rs 257 cr

By: |
New Delhi | August 8, 2015 4:59 PM

State-owned UCO Bank today reported a 50.76 per cent decline in net profit at Rs 256.70 crore for the first quarter ended June 30, on account of higher provisioning for bad loans.

The UCO bank had a net profit of Rs 521.40 crore in the April-June quarter of 2014-15 fiscal. (PTI)The UCO bank had a net profit of Rs 521.40 crore in the April-June quarter of 2014-15 fiscal. (PTI)

State-owned UCO Bank today reported a 50.76 per cent decline in net profit at Rs 256.70 crore for the first quarter ended June 30, on account of higher provisioning for bad loans.

The UCO bank had a net profit of Rs 521.40 crore in the April-June quarter of 2014-15 fiscal.

Total income also declined to Rs 5,169.09 crore during the first quarter from Rs 5,395.17 crore in the three month period of 2014-15 fiscal, the bank said in a BSE filing.

Provisioning and contingencies of the Kolkata-based lender increased to Rs 763.56 crore in the June quarter, from Rs 517.14 crore in the same period last fiscal.

The Gross Non-performing Assets (NPAs) as a percentage of total advances increased to 7.30 per cent during June quarter, from 4.31 per cent in the same period last fiscal.

Net non-performing assets also rose to 4.53 per cent as against 2.33 per cent as on June 30, 2014.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, 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
1Bank credit growth to remain slower in near term: Report
2Banks in India to see capital decline over 2 years without fresh infusion: Moody’s
3Why traditional banks need to partner with fintech firms for delivering essential banking solutions