UCO Bank shares tank over 8pc as Q4 profit declines

Shares of UCO Bank tanked over 8 per cent today after it reported 26.5 per cent decline in net profit for the fourth quarter of 2014-15 financial year.
The stock tumbled 8.22 per cent to settle at Rs 56.95 on the BSE. During the day, it fell 9.99 per cent to Rs 55.85 -- its 52-week low.
At the NSE, it ended 8.29 per cent lower at Rs 56.90.
The company's market value fell by Rs 548.51 crore to Rs 6,125.49 crore.
UCO Bank's net profit declined by 26.5 per cent to Rs 209.28 crore in the fourth quarter of 2014-15 financial year, compared to the same period last year, due to rising bad loans.

The bank had reported a net profit of Rs 284.7 crore in the similar quarter of 2013-14.

"Total income has decreased from Rs 5,309.27 crore for the quarter ended March 31, 2014 to Rs 5,263.36 crore for the quarter ended March 31, 2015," it said in a filing to BSE.
Gross NPAs (non-performing assets) or bad loans mounted to 6.76 per cent of the advances in the fourth quarter, up from 4.32 per cent a year ago.
Net NPAs too rose to 4.30 per cent in the last quarter of FY15, up from 2.38 per cent a year ago.
The provisioning towards bad loans and contingencies during the last quarter of 2014-15 increased to Rs 968.38 crore, from Rs 904.64 crore a year earlier.

Meanwhile, in the stock market the BSE benchmark Sensex at 26,877.48, down 629.82 points.