Uco Bank Q3 net loss narrows by 71 per cent at Rs. 437.09 cr

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Published: January 31, 2017 9:24:31 PM

The Kolkata-based bank’s asset quality, however, worsened further as its gross non-performing asset ratio rose to 17.18% at the end of the December quarter this fiscal from 10.98% for the same period last fiscal.

UCO Bank, KOLkata based, net loss, NPA ratio, fiscal year, GDP, Financial year 2017, Budget 2017, bad loansState-run UCO Bank on Tuesday reported that its net loss narrowed by close to 71% year-on-year to Rs. 437.09 crore for the quarter ended December 31, 2016 from Rs. 1,497.01 crore for the same period a year ago on the back of lower provisions to cover bad loans.(Reuters)

State-run UCO Bank on Tuesday reported that its net loss narrowed by close to 71% year-on-year to Rs. 437.09 crore for the quarter ended December 31, 2016 from Rs. 1,497.01 crore for the same period a year ago on the back of lower provisions to cover bad loans.

The Kolkata-based bank’s asset quality, however, worsened further as its gross non-performing asset ratio rose to 17.18% at the end of the December quarter this fiscal from 10.98% for the same period last fiscal, according to a BSE filing.

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During the period under review the lender’s total income saw 1.43% y-o-y dip at Rs.4864.21 crore against Rs. 4934.63 crore in the year-ago period. Provisions and contingencies decreased by close to 44% y-o-y to Rs 1,326.05 crore from Rs 2,360.84 crore in the corresponding period last fiscal.

The bank’s net NPA ratio rose to 8.99% in the December quarter of FY17 from 6.51% during same period of FY16.

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