Mumbai: UCO Bank on Friday reported a standalone net profit of ₹16.78 crore for the March quarter due to substantial rise in other income and decrease in provisions. The bank had posted a net loss of ₹1552.02 crore for the same period a year ago.
In the December quarter, the bank had reported a loss of ₹960.17 crore.
Other income more than doubled to ₹768.78 crore for the quarter ended 31 March against ₹366.71 crore for the same quarter last year.
The bank made a provisioning of ₹1199.82 crore for bad loans during the quarter under review. This was down 46.50% from ₹2442.58 crore parked aside for the year-ago period.
Total income during the quarter under review was at ₹4511.21 crore as against ₹4148.52 crore in the year-ago same period, UCO Bank said in a regulatory filing. Net interest income was at ₹1254.51 crore, down 2.90% from ₹1291.96 crore earlier.
Gross non-performing assets (NPAs) of the bank stood at 16.77% of gross advances as at March-end, down from 25% by the year-ago same period. Net NPAs or bad loans were at 5.45%, down from 9.72% by March 2019.
Deposits fell 2.38% to ₹1.93 trillion for year ended March against ₹1.98 trillion last year. Advances grew 1.87% to ₹1.01 trillion as on 31 March 2020 over ₹99314 crore for the same period last year.
Shares of UCO Bank were trading at ₹16.41 on the BSE, up 17.47%, while the benchmark index, Sensex gained 0.59% to 35046.74 points.