UCO Bank Q1 loss widens to Rs 663 cr

UCO Bank Q1 loss widens to Rs 663 cr

02/08/2017 16:30

Government-controlled UCO Bank on Wednesday reported widening of standalone net loss to Rs 663.02 crore for the first quarter ended June 30, 2017.

“The public sector lender had posted standalone net loss of Rs 440.56 crore in the same period last year,” said UCO Bank in a filing to the Bombay Stock Exchange.

Interest income of the bank declined by 10.10 per cent at Rs 3766.58 crore for the quarter ended June 30, 2017 as against Rs 4189.64 crore in the corresponding period last year.

During the April-June quarter, total income dipped moderately by 10.38 per cent to Rs 4,237.04 crore from Rs 4,727.93 crore in the year ago period.

Meanwhile, operating expenses dropped by 7.40 per cent to Rs 3,627.96 crore from Rs 3,917.77 crore in the same period last year.

Operating profit slipped 24.82 per cent to Rs 609.08 crore from Rs. 810.16 crore.

Provisions and Contingencies surged by 1.73 per cent at Rs 1,272.10 crore from Rs 1,250.50 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, slipped by 14.61 per cent at Rs 841.47 crore versus Rs 985.45 crore in the year ago period. Non-interest income too dipped 12.60 per cent year-on-year to Rs 470.46 crore.

On the asset side, gross non- performing assets (NPAs) rose to 19.87 per cent of the gross advances as at the end of June 30, 2017 from a level of 17.19 per cent year earlier. Its net NPAs or bad loans too increased to 10.63 per cent of net advances on June 30, 2017 from 10.04 per cent a year ago.

Meanwhile, shares of the bank closed day’s trade at Rs 33.20 apiece, down 1.04 per cent, on the BSE.

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