UCO Bank posts $257 million fourth quarter loss as bad loans surge

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Reuters MUMBAI
Last Updated : May 13 2016 | 10:28 PM IST

MUMBAI (Reuters) - India's UCO Bank reported a fourth-quarter net loss of 17.15 billion rupees ($257 million) as its provisions for bad loans surged.

Shares of the state-run lender fell more than 6 percent after the results.

The Kolkata-based bank had reported a net profit of 2.09 billion rupees in the year-ago quarter.

Its gross bad loans as a percentage of total loans increased to 15.43 percent in March from 10.98 percent as of December.

Five other state-run banks, including second-biggest Bank of Baroda, are due to report fourth-quarter results on Friday.

($1 = 66.7500 Indian rupees)

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(Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath)

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First Published: May 13 2016 | 10:19 PM IST

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