UCO Bank net loss widens by 62% in Q2

State-run UCO Bank on Friday reported that its net loss widened by about 62 per cent to Rs 622.56 crore during the quarter ended September 30, as compared to Rs 384.83 crore for the year-ago period.

During the first quarter this fiscal, the city-based lender had posted a net loss of Rs 663.02 crore.

Its operating profit, during the July to September quarter, was at Rs 243.79 crore, declining by 78 per cent over Rs 1,108.02 crore in the corresponding period last year.

The lender said its total income in September quarter was at Rs 3,757.51 crore, down by close to 24 per cent from Rs 4,941.41 crore in same period last year.

The bank's asset quality worsened further in the September quarter on a year-on-year basis.

Gross non-performing assets (NPAs) in absolute term rose 9.7 per cent to Rs 24,434.95 crore during the quarter under review as against Rs 22,275.51 crore in same period year-ago.

Provisions and contingencies fell to Rs 864.70 crore from Rs 1,488.34 crore in the corresponding period of 2016-17.

The bank's gross NPA as a percentage of total loans rose to 19.74 per cent in the September quarter this fiscal from 16.51 per cent during the same period last year.

--IANS

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