UCO Bank Q3 net loss at ?998 crore as bad loans balloon

New Delhi: State-owned UCO Bank today reported a marginal drop in its net loss at ?998.74 crore for third quarter ended December 31, 2018, as bad loans and provisions ballooned. The bank had posted a net loss of ?1,016.43 crore in the same quarter of the previous fiscal.

Total income of the bank also came down to ?3,585.56 crore during October-December period of 2018-19, as against ?3,721.93 crore in same quarter of 2017-18, the bank said in a regulatory filing.

The Kolkata-headquartered lender, witnessed worsening asset quality as the gross non-performing assets (NPAs) ballooned to 27.39% of gross loans at end of December 31, 2018, from 20.64% in December 2017.

Sequentially also, NPAs were higher from 25.37% by end of second quarter ended September of this fiscal.

In value terms, the gross NPAs or bad loans stood at ?31,121.79 crore as on December 31, 2018 as against ?25,382.40 crore a year-ago.

Net NPAs were 12.48% by end of third quarter as against 10.90%. Value-wise, the net NPAs were ?11,755.61 crore, lower than ?11,923.45 crore last year.

Thus, provisioning for bad loans during quarter ended December 2018 were hiked to ?2,243.85 crore as against ?1,682.40 crore a year earlier.

The non-performing loan provisioning coverage ratio is 69.49 per cent as on December 31, 2018, UCO Bank said.

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