UCO Bank reports net profit of ?21 crore in June Quarter

ucobank

MUMBAI : UCO Bank on Friday reported a net profit to ?21.45 crore for the June quarter on the back lower provisions and higher other income.

The state-owned lender had posted a net loss of ?601.45 crore in the same quarter last year.

Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 5.11% to ?1266.78 crore for the quarter ended 30 June against ?1334.97 crore reported during the same quarter of the previous fiscal.

Other income, which includes core fee income, rose 22.83% year-on-year to ?773.93 crore during the period under review from ?630.08 crore.

The lender made provisions worth ?1180.37 crore, versus ?1802.89 crore during the same quarter of the preceding fiscal.

Gross NPAs, as a percentage of gross advances, were at 14.38% compared with 24.85% as of June 2019 and 16.77% as of March, 2020.

After provisions, net NPA ratio was at 4.95% against 5.45% during January-March and 8.98% in the year-ago quarter.

At 1:30 pm, shares of UCO Bank gained 3.67% to ?14.70 apiece on Friday on BSE, while the benchmark index, Sensex lost 0.39% to 37587.50 points.

News Source: livemint

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