UCO Bank posts net loss of Rs 1,552 cr in Q4

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Kolkata, May 14 (IANS) State-run UCO Bank has its narrowed net loss to Rs 1,552.02 crore for the fourth quarter of the financial year 2018-19 ended March, as against a net loss of Rs 2,134.36 crore for the same period a year ago, as per results announced on Tuesday.

However, its net loss has increased sequentially, as it had posted a net loss of Rs 998.74 crore in the December quarter of the last fiscal.

The lender said it has posted operating profit of Rs 690.55 crore for the quarter, up year-on-year from Rs 112.42 crore during the corresponding period of 2017-18.

Gross non-performing assets (NPAs or bad loans) of the bank by end of the 2018-19 decreased to Rs 29, 888.33 crore, as against Rs 31,121.79 crore in the December quarter, while its net NPAs reduced to Rs 9,649.92 crore as on March 31, 2019, from Rs 11,755.61 crore in the December quarter.

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Capital adequacy ratio of the lender improved to 10.70 per cent.

Provision for NPAs during the quarter in consideration stood at Rs 2601.80 crore, as against Rs 2,243.85 crore in the December quarter.

–IANS

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