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UCO Bank posts net loss of Rs 2,134 cr in Q4

IANS  |  Kolkata 

State-run on Friday posted a net loss of 2,134.36 crore in the fourth quarter ended on March 31 due to increase in provisioning for non-performing assets and fall in total income.

The lender had posted a net loss of 588.19 crore in the corresponding quarter of 2016-17.

The bank's total income, in the quarter under review, fell by about 12 per cent to 3,424.65 crore from Rs 3,906.74 crore in the year-ago period.

The lender said its provisions for bad assets were at Rs 3,133.52 crore at the end of March 31, as against Rs 1,577.60 crore in the year-ago period.

It also said the government's holding at the end of the 2017-18 was 84.23 per cent, up from 76.67 per cent by end of the previous year, after the Centre recapitalised it. Its Basel III capital adequacy ratio was at 10.94 per cent.

Its gross non-performing assets went up to Rs 30,549.92 crore as on March 31, 2018, by about 36 per cent from Rs 22,540.95 crore in the year-ago period.

Gross non-performing assets as a percentage of total advances stood at 24.64 per cent at the end of March quarter, up from 17.12 per cent in same period last year.

Its net non-performing assets were at Rs 14,082.07 crore at the end of this quarter under review, as against Rs 10,703.39 crore as on March 31, 2017.

Net non-performing assets, as percentage, went up to 13.10 per cent at the end of FY18 (2017-18).

Its return on assets became negative at (-) 3.69 per cent at the end of March quarter as against (-) 1.07 per cent in the year-ago period.

The lender's board also approved its capital raising plan up to Rs 3,000 crore in 2018-19.

"The board considered and approved the issue 150,00,00,000 equity shares of Rs 10 each to raise Tier I equity capital upto Rs.3000 crore from market sources in one or more tranches during the financial year 2018-19 through various options like follow on public offer, qualified institutional placement, preferential issue in compliance with SEBI guidelines," it said in a regulatory filing.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, May 11 2018. 21:58 IST
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