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UCO Bank Q1 net loss widens

UCO Bank on Wednesday said its net losses widened to Rs663.02 crore for the first quarter ended 30 June, as asset quality deteriorated in the period. The bank had reported a net loss of Rs440.56 crore in the corresponding April-June quarter of 2016-17. The lender increased provisioning for bad loans by 28% to Rs1,204.25 crore during the June quarter.

While, the bank had kept aside Rs942.73 crore towards bad loans provisioning for June 2016 quarter. Asset quality worsened with gross non-performing assets hitting 19.87% of the gross advances as on 30 June, from 17.19% at the end of June 2016. Gross NPAs were 17.12% as on 31 March, 2017. Net NPAs or bad loans also rose to 10.63% of the net advances as on end-June this year, from 10.04% a year ago.
The net NPAs stood at 8.94% as on 31 March, 2017. Segment-wise, the Kolkata-headquartered bank reported fall in its interest income to Rs3,766.58 crore during April-June period of 2017-18, compared to Rs4,189.64 crore in the same period a year earlier.
Income from investments also came down to Rs1,337.86 crore for the quarter under review, as against Rs1,538.73 crore same period last year.

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