UCO Bank reports Q4 loss of Rs2,134 crore as NPAs rise significantly
On yearly basis, UCO Bank’s net loss of the bank rose to Rs4,436.37 crore from a loss of Rs1,850.67 crore in fiscal ended March 2017
Kolkata: UCO Bank’s net loss in the March quarter widened to Rs2,134.36 crore from Rs588.19 crore in the same period a year ago as gross non-performing assets (NPA) jumped to 24.64% from 17.12% during fiscal 2017-18.
The Kolkata-based lender reported gross NPA of Rs30,549.92 crore at the end of March compared with Rs22,540.95 crore a year ago. With asset quality deteriorating, provision for NPA in the March quarter increased to Rs3,133.52 crore from Rs1,577.60 crore a year ago.
In a regulatory filing, the bank said it had put aside Rs425.57 crore in respect of delinquent companies currently undergoing insolvency resolution at different tribunals of the National Company Law Tribunal.
Net NPA at the end of March at Rs14,082.07 crore was 13.1% of total assets compared with Rs10,703.39 crore and 8.94% a year ago. The bank’s capital adequacy ratio at the end of March was at 10.94%.
The lender’s shares rose 1.6% to Rs19.10 each on BSE in a firm market.
The bank’s board has approved sale of up to 1.5 billion shares in multiple tranches with the aim of raising Rs3,000 crore.