UCO Bank Q2 net loss at Rs 384.83 crore

UCO Bank today reported a net loss of Rs 384.83 crore for the quarter ended September 30, 2016, on account of higher provisions for bad loans.

The Bank had registered a net profit of Rs 156.2 crore in the July-September period of previous fiscal 2015-16.

Total income of the bank decreased by 6.90 per cent to Rs 4,941.41 crore during the quarter under review, from Rs 5,308.08 crore over the same period of 2014-15.

For quarter under review, UCO Bank's provision for bad loans and contingencies jumped by 62.96 per cent to Rs 1,488.34 crore as against Rs 913.27 crore a year ago.
 

Asset quality slipped further during the period with gross non-performing assets (NPAs) rising to 16.51 per cent of gross advances as of September 2015, up from 8.51 per cent a year ago.

Net NPAs or bad loans too increased to 8.83 per cent during the second quarter, up from 5.15 per cent a year ago.

Shares of UCO Bank closed 0.60 per cent lower at Rs 33.25 on BSE.