Uco Bank shares down nearly 4% on loss in Q1

Shares of Uco Bank fell by nearly 4 per cent today after the company reported a net loss of Rs 440.56 crore for the first quarter ended June 30.
The scrip declined by 3.86 per cent to settle at Rs 41.10 on BSE. During the day, it slipped 5.96 per cent to Rs 40.20.
On NSE, shares of the company fell by 3.75 per cent to end at Rs 41.
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 had said in a BSE filing yesterday.

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.