UCO Bank posts net loss of Rs 2,134 cr in Q4

UCO Bank posts net loss of Rs 2,134 cr in Q4

Kolkata: State-run UCO Bank on Friday posted a net loss of Rs 2,134.36 crore in the fourth quarter ended on March 31 due to increase in provisioning for non-performing assets and fall in total income.

The lender had posted a net loss of Rs 588.19 crore in the corresponding quarter of 2016-17.

The bank’s total income, in the quarter under review, fell by about 12 per cent to Rs 3,424.65 crore from Rs 3,906.74 crore in the year-ago period.

The lender said its provisions for bad assets were at Rs 3,133.52 crore at the end of March 31, as against Rs 1,577.60 crore in the year-ago period.

It also said the government’s holding at the end of the 2017-18 was 84.23 per cent, up from 76.67 per cent by end of the previous year, after the Centre recapitalised it. Its Basel III capital adequacy ratio was at 10.94 per cent.

Its gross non-performing assets went up to Rs 30,549.92 crore as on March 31, 2018, by about 36 per cent from Rs 22,540.95 crore in the year-ago period.

Gross non-performing assets as a percentage of total advances stood at 24.64 per cent at the end of March quarter, up from 17.12 per cent in same period last year.

Its net non-performing assets were at Rs 14,082.07 crore at the end of this quarter under review, as against Rs 10,703.39 crore as on March 31, 2017.

IANS

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