UCO Bank slips on declining net

Shares slump nearly 6%

Shares of UCO Bank has slumped after the bank posted a sharp drop in net profit for the third quarter ended December 31, 2012.

The company has posted a net profit of Rs 102.47 crore for the quarter ended December 31, 2012 - a decrease of 69% from the corresponding previous quarter at Rs 332.55 crore. Total income, however, has increased from Rs 3973.62 crore to rs 4360.88 crore in the same period - a jump of around 9%.

Shares of UCO Bank opened at Rs 70.15 and slumped after the company came out with their numbers. The stock slipped to a low of Rs 66.50 - down 6.7% from the day's high. Around 1.24 million shares have changed hands on the counter so far, as against a two week daily traded average of 3,79,000 shares on the BSE.