UCO Bank losses widen

UCO Bank’s net loss widened to Rs 2,134 crore for the quarter ended March 31, 2018, compared to a net loss of Rs588 crore in the same period last year.

Provisioning for the quarter under review was at Rs 2,239 crore, compared to Rs701 crore in the same period last year. As per RBI directions, banks have to make additional provision towards accounts under insolvency. Accordingly, UCO Bank has made provision of Rs 426 crore during the quarter in respect of all NCLT-admitted borrower accounts, the bank said in its note on the audited financial results. Gross NPA increased to 24.64 per cent (17.12 per cent), while net NPA grew to 13.10 per cent (8.94 per cent). Operating profit dropped close to 6 per cent at Rs112 crore (Rs119 crore).

Net interest income rose by 33 % at Rs808 crore . Other income dropped 77 per cent at Rs 67 crore.The bank’s net loss for the year ended March 31, 2018, widened to Rs 4,436 crore.