UCO Bank net profit dips 69% at Rs 102 cr

Total income rises to Rs 4,360 cr, from Rs 3,973 cr recorded in the third quarter of the previous fiscal

State-owned UCO Bank today reported 69.2% slump in net profit at Rs 102.47 crore for the quarter ended December 31, 2012 on account of rising bad loans.

Its net profit over the same quarter in the previous fiscal stood at Rs 332.55 crore.

The total income of the bank during October-December of 2012-13 fiscal rose to Rs 4,360.88 crore, from Rs 3,973.62 crore in the third quarter of the previous fiscal, it said in a filing to the BSE.

Net non-performing assets (NPAs) or bad loans of the bank increased to 3.32% during the quarter, from 2.04% in the corresponding quarter of last fiscal.

In terms of amount, the net NPAs rose to Rs 3,927 crore, from Rs 2,131.07 crore.

For nine-months ended December 2012, the net profit of the bank declined by 33.6% at Rs 568.64 crore from Rs 855.83 crore in the year-ago period.

The total income during the nine-months (April-December) of 2012-13 increased to Rs 19,176.82 crore, from Rs 11,381.29 crore.

Uco Bank scrip was trading at Rs 67.75 on the BSE in late afternoon trade, down 5.18% from the previous close.