UCO Bank reports Q3 net profit of Rs 35.44cr

Public sector UCO Bankon Monday reported a net profit of Rs 35.44 crore for thethird quarter ended December 2020, on account of lowerprovisioning for bad loans.

The Kolkata-based bank had reported a net loss of Rs960.17 crore during the October-December period of theprevious fiscal year.

Total income, however, fell marginally to Rs 4,466.97crore in the third quarter of the current fiscal as against Rs4,514.21 crore reported in the same period of 2019-20, UCOBank said in a regulatory filing.

The bank's bad loans ratio stood at 9.80 per cent ofthe gross loans in the quarter ended December 2020, as against19.45 per cent in the year-ago period.

Net non-performing assets (NPAs) were at 2.97 percent against 6.34 per cent.

Provisions for bad loans fell sharply to Rs 393.06crore for the quarter under review from Rs 1,645.51 crore ayear ago.

Meanwhile, the bank's MD & CEO A K Goel said inKolkata that the lender has met all the parameters to come outof the prompt and corrective action (PCA) framework prescribedby the RBI in May 2017, due to negative return on assets andhigh NPA.

Shares of UCO Bank were trading 2.64 per cent higherat Rs 13.22 apiece on the BSE.