UCO Bank slides after reverse turnaround in Q1

UCO Bank lost 3.98% to Rs 41.05 at 10:32 IST on BSE after the bank reported net loss of Rs 440.56 crore in Q1 June 2016 compared with net profit of Rs 256.70 crore in Q1 June 2015.

The result was announced after market hours yesterday, 9 August 2016.

Meanwhile, the S&P BSE Sensex was down 200.36 points or 0.71% at 27,884.80.

On BSE, so far 1.23 lakh shares were traded in the counter as against average daily volume of 3.48 lakh shares in the past one quarter. The stock hit a high of Rs 41.90 and a low of Rs 40.20 so far during the day. The stock had hit a 52-week low of Rs 27.80 on 15 February 2016. The stock had hit a 52-week high of Rs 57.05 on 18 August 2015. The stock had underperformed the market over the past one month till 9 August 2016, sliding 2.95% compared with 3.53% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 14.15% as against Sensex's 9.33% rise.

The mid-cap state-run bank has equity capital of Rs 1301.06 crore. Face value per share is Rs 10.

UCO Bank's total income declined 8.53% to Rs 4727.93 crore in Q1 June 2016 over Q1 June 2015.

The bank's gross non-performing assets (NPAs) stood at Rs 22597.70 crore as on 30 June 2016 compared with Rs 20907.73 crore as on 31 March 2016 and Rs 10894.41 crore as on 30 June 2015. The ratio of gross NPAs to gross advances stood at 17.19% as on 30 June 2016 compared with 15.43% as on 31 March 2016 and 7.3% as on 30 June 2015. The ratio of net NPAs to net advances stood at 10.04% as on 30 June 2016 as against 9.09% as on 31 March 2016 and 4.53 as on 30 June 2015.

UCO Bank's provisions and contingencies surged 63.8% to Rs 1250.50 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 77.54% stake in UCO Bank (as per the shareholding pattern as on 30 June 2016).

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