UCO Bank shares dip 3% on weak Q1 earnings

Shares of UCO Bank today fell by over 3 per cent after the company reported a 50.76 per cent plunge in net profit for the first quarter ended June 30.
The company's scrip ended the day 3.03 per cent lower at Rs 52.85 on BSE. Intra-day, it dipped 4.31 per cent to Rs 52.15.
At the NSE, the stock closed at Rs 52.80, down 3.2 per cent.
The company's market capitalisation fell by Rs 176.5 crore to Rs 5,684.50 crore.
The state-owned UCO Bank on Saturday reported a 50.76 per cent drop in net profit at Rs 256.70 crore for the first quarter on account of higher provisioning for bad loans.

The company had a net profit of Rs 521.40 crore in April- June of 2014-15.

Total income also declined to Rs 5,169.09 crore during the first quarter, from Rs 5,395.17 crore a year ago, the company had said in a BSE filing.
Gross non-performing assets (NPAs) as a percentage of total advances widened to 7.30 per cent in the said quarter, from 4.31 per cent in the same period last fiscal.
Net NPAs also rose to 4.53 per cent as against 2.33 per cent as of June 30, 2014.