Uco Bank reports Rs 441 cr loss in Q1 on bad loans

State-owned Uco Bank posted a net loss of Rs 440.56 crore for the first quarter ended June 30, amid mounting bad loans.
The bank had posted a net profit of Rs 256.70 crore in the year-ago period.
However, the bank narrowed down its net loss from Rs 1,715.15 crore that it posted in the January-March sequential quarter of the previous fiscal of 2015-16.
"Total income has decreased to Rs 4,727.93 crore for the quarter ended June 30, 2016 from Rs 5,169.09 crore in the year-ago period," Uco Bank said in a BSE filing today.
The bank's asset quality deteriorated as on June 2016, as gross non-performing assets (NPAs), or bad loans, more than doubled at 17.19 per cent of gross advances, as against 7.30 per cent in the year-ago period.

Gross NPAs stood at Rs 22,597.70 crore, up from Rs 10,894.41 crore from the same period of the previous fiscal.

Net NPAs rose to 10.04 per cent (Rs 12,127.44 crore) from 4.53 per cent of net advances.
Consequently, the reserves against bad loans was at Rs 1,250.50 crore, up from Rs 765.56 crore in the same period a year ago.
Stock of the bank closed 0.58 per cent lower at Rs 42.75 on BSE.