UCO Bank drops amid volatility after strong Q3 earnings

UCO Bank lost 2.19% to Rs 75.80 at 15:22 IST on BSE after net profit jumped 206.94% to Rs 314.53 crore on 12.79% growth in total income to Rs 4919.04 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced during trading hours today, 24 January 2014.

Meanwhile, the S&P BSE Sensex was down 242.38 points or 1.13% at 21,131.28.

On BSE, so far 13.32 lakh shares were traded in the counter as against average daily volume of 3.88 lakh shares in the past two weeks.

The stock was volatile. The stock lost as much as 2.83% at the day's low of Rs 75.30 so far during the day. The stock rose as much as 1.09% at the day's high of Rs 78.35 so far during the day.

UCO Bank's ratio of gross non-performing assets (NPAs) to gross advances improved to 5.2% as on 31 December 2013 as against 5.32% as on 30 September 2013 and 5.53% as on 31 December 2012. The ratio of net NPAs to net advances improved to 3.06% as on 31 December 2013 as against 3.13% as on 30 September 2013 and 3.32% as on 31 December 2012.

The bank's provisions and contingencies rose 11.54% to Rs 811.68 crore in Q3 December 2013 over Q3 December 2012.

UCO Bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.16% as on 31 December 2013 as against 12.31% as on 30 September 2013 and 13.19% as on 31 December 2012.

The Government of India (GoI) holds 69.26% stake in UCO Bank (as per the shareholding pattern as on 31 December 2013).

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