UCO Bank Posts Net Loss of Rs 634 Crore in Q1 as NPA Becomes 1/4th of Advances
This first quarter loss, however, has narrowed both on the annual and sequential basis. During April-June period of 2017-18, its net loss stood at Rs 663.02 crore. While in the March quarter of FY2017-18, the loss was Rs 2,134.36 crore.
Bank's asset quality worsened with the gross non-performing assets (NPAs) hitting 25.71 percent of gross advances as on June 30, 2018, as against 19.87 percent by end-June 2017.
Net NPAs were 12.74 per cent (Rs 12,558 crore) as against 10.63 per cent (Rs 12,010.95 crore).
UCO Bank said provision coverage ratio for non-performing loans is 65.15 percent.
The bank said it was required to make additional provisions with respect to accounts under provisions of Insolvency and Bankruptcy Code.
The stock of the bank closed 3.23 percent down at Rs 19.45 on BSE.
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