UCO Bank Q1 net loss widens to Rs663 crore
New Delhi: 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. Shares of UCO Bank closed 1.04% down at Rs33.20 on BSE on Wednesday.