Provisions during the quarter increased 1.21% to  ₹1,802.89 crore, against  ₹1,781.28 crore in the year-ago period (Mint file)
Provisions during the quarter increased 1.21% to 1,802.89 crore, against 1,781.28 crore in the year-ago period (Mint file)

UCO Bank Q1 net loss narrows to 601 crore, asset quality improves

  • The bank posted a net loss of 601.45 crore for the three months ended 30 June, against a loss of 633.88 crore a year ago
  • Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 8.71% year-on-year to 1,334.97 crore

Mumbai: UCO Bank on Thursday said its first-quarter net loss narrowed on the back of higher net interest income. The bank posted a net loss of 601.45 crore for the three months ended 30 June, against a loss of 633.88 crore in the year-ago period.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 8.71% to 1,334.97 crore, from 1,228.02 crore in the corresponding period last year.

Other income, which includes core fee income, rose 0.16% to 630.08 crore in the first quarter, from 629.08 crore a year ago.

Provisions during the quarter increased 1.21% to 1,802.89 crore, against 1,781.28 crore in the year-ago quarter. During the previous January-March quarter, the bank had set aside 2242.58 crore in provisions.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 24.85% in the June quarter, compared with 25% in the March quarter, and 25.71% in the year-ago June quarter.

Post-provision, the net NPA ratio was at 8.98%, against 9.72% in the previous quarter, and 12.74% in the year-ago period.

At 3.22 pm, shares of the bank gained 0.62% on the BSE, while the Sensex gained 1.82% to 37,357.78.

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