UCO Bank vaults after stellar Q4 performance

UCO Bank hit an upper circuit of 20% at Rs 16.76 after the bank reported net profit of Rs 16.78 crore in Q4 March 2020 as against net loss of Rs 1552.03 crore in Q4 March 2019.

Total income rose 8.74% to Rs 4511.21 crore in Q4 FY20 from Rs 4148.52 crore in Q4 FY19. The result was announced during market hours today, 26 June 2020.

Provisions and contingencies fell 46.5% to Rs 1199.82 crore in Q4 March 2020 from Rs 2242.58 crore in Q4 March 2019. Provisions for non-performing assets fell 58.13% to Rs 1089.26 crore during the period under review. The non-performing loan provisioning coverage ratio is 85.46% as on 31 March 2020 as against 74.93% as on 31 March 2019.

On the asset quality front, gross non-performing assets stood at Rs 19281.95 crore as on 31 March 2020 as against Rs 22139.65 crore as on 31 December 2019 and Rs 29888.33 crore as on 31 March 2019.

The ratio of gross NPAs to gross advances stood at 16.77% as on 31 March 2020 as against 19.45% as on 31 December 2019 and 25% as on 31 March 2019. The ratio of net NPAs to net advances stood at 5.45% as on 31 March 2020 as against 6.34% as on 31 December 2019 and 9.72% as on 31 March 2019.

The bank has extended asset classification benefit and made provision of Rs 571.54 crore in accordance with RBI guidelines relating to COVID 19 Regulatory Package. The bank's Capital Adequacy Ratio stood at 11.7% in Q4 March 2020 from 10.7% in Q4 March 2019.

UCO Bank is a commercial bank. Its segments include treasury, corporate/wholesale banking, retail banking and other banking operations. It offers personal banking, corporate banking, international banking and rural banking services.

As of 31 March 2020, the Government of India held 94.44% stake in the bank.

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