BackUco Bank Q1 net profit up 2% at Rs521.4 crore
The bank put aside only Rs19 crore as provision towards bad assets during the quarter compared with Rs344 crore a year ago
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Kolkata: Uco Bank on Friday reported a 2% year-on-year increase in its net profit for the quarter till 30 June largely on account of what the management described as an “improvement in asset quality" even as the lender’s operating profit declined 5%.
The state-run bank reported a net profit of Rs521.4 crore for the June quarter as against Rs511.1 crore in the same period last year. The lender put aside only Rs19 crore as provision towards bad assets during the quarter compared with Rs344 crore a year ago.
Uco Bank’s shares fell 6.35% on BSE to close at Rs101.10 each while the Sensex fell 0.55% to 26,126.75 points.
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