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Uco Bank

UCO Bank back in the black, reports profit of 17 crore in Q4

  • In the December quarter, the bank had posted a loss of 960.17 crore
  • Other income more than doubled to 768.78 crore for the quarter ended 31 March

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.

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