UCO Bank stock gains nearly 4 pc as net loss narrows

The stock of UCO Bank on Thursday gained nearly 4 per cent after it reported narrowing of net loss to Rs 891.98 crore for the second quarter ended September 30.

The stock of the bank jumped 3.64 per cent to close at Rs 14.23 on the BSE. During the trade, it climbed 11.58 per cent to Rs 15.32.

On the NSE, it rose 3.27 per cent to Rs 14.20.

In traded volume terms, 3.63 lakh shares of the company were traded on the BSE and over 53 lakh units on the NSE during the day.

State-owned UCO Bank on Thursday reported narrowing of its net loss to Rs 891.98 crore for the second quarter ended September 30.

The bank had posted a net loss of Rs 1,136.44 crore during the corresponding quarter of the previous financial year.

Sequentially, the loss stood at Rs 601.45 crore in the previous quarter ended June.

The bank's total income during the September 2019 quarter increased to Rs 4,533.51 crore compared with Rs 3,749.18 crore a year ago, the bank said in a regulatory filing.

Its asset quality continued to remain in bad shape as the gross non-performing assets (NPAs) stood at 21.87 per cent (Rs 25,665.14 crore) of the gross loans at the end of September against 25.37 per cent (Rs 29,581.49 crore) in the year-ago period.