UCO Bank posts net loss of 1,552 crore in March quarter

  • For the entire financial year the bank saw a net loss of 4,321.09 crore
  • The Kolkata-headquartered bank witnessed worsening in its gross bad loan ratio at 25% of the gross advances at end-March 2019

NEW DELHI: State-owned UCO Bank on Tuesday said its net loss has narrowed to 1,552.02 crore in March 2019 quarter, amid a persistent high level of bad loan ratio.

The bank had reported a net loss of 2,134.36 crore during the corresponding January-March quarter of 2017-18.

Sequentially, the loss in March 2019 quarter was higher than 998.74 crore in the December quarter of 2018-19.

Thus, for the entire financial year, there was a net loss of 4,321.09 crore, against 4,436.37 crore loss in 2017-18.

Its total income in the March quarter rose to 4,148.52 crore as against 3,424.65 crore in the corresponding quarter of the previous fiscal, the bank said in a regulatory filing.

In full 2018-19, the total income moved up to 15,844.14 crore as against 15,141.13 crore.

The Kolkata-headquartered bank witnessed worsening in its gross bad loan ratio at 25% of the gross advances at end-March 2019, against 24.64% by the end of March 2018. In the December quarter, the non-performing asset (NPA) ratio was 27.39%.

However, the net NPAs were trimmed to 9.72% by the end of 2018-19 as against the year-ago period's 13.10%. It was at 12.48% by the end of December 2018.

Provisioning requirement for bad loans for March 2019 quarter stood at 2,601.80 crore as against 3,133.52 crore a year ago.

The bank's total assets grew to 2,30,484.08 crore as on 31 March, 2019, from 2,16,056.18 crore a year ago.

UCO Bank also showed a divergence of (-) 2.68 crore in gross NPAs for 2017-18, and (-) 663.44 crore in net NPAs. The divergence in provisioning stood at 660.76 crore in 2017-18, it said.

Thus, on an adjusted basis, there was net loss of 5,099.81 crore during 2017-18.

Shares of UCO Bank closed 4.99% up at 17.90 apiece on the BSE.

This story has been published from a wire agency feed without modifications to the text.

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