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Thursday, February 5, 2015

UCO Bank net dips to Rs. 304 cr

Kolkata-based PSU lender UCO Bank saw a 3.50 per cent dip in net profit to Rs. 304 crore for the period ending October to December 2014. It had reported a net profit of Rs. 315 crore in the year-ago-period.

A jump in other income ( Rs. 660 crore) – because of treasury operations – compensated its losses in the corporate lending segment, Arun Kaul, Chairman and Managing Director, UCO Bank said.

Treasury and retail banking reported profit (before tax) to the tune of Rs. 728 crore and Rs. 146 crore: while corporate and wholesale banking segment reported a loss of Rs. 367 crore.

“The bank has been able to take advantage of market opportunities and benefited from strong treasury operations,” he said.

The company’s provisions moved up to Rs. 908 crore (from Rs. 812 crore in the year ago period).


UCO Bank’s gross non performing assets (NPA) slipped by 29 percent to Rs. 9,531 crore (Rs 7,446 cr) in the third quarter of this fiscal. Gross NPAs moved up to 6.50 per cent (from 5.20 per cent).

Net NPA stood at Rs. 6,051 crore, up by over 43 per cent ( Rs. 4,217 crore) on a Y-o-Y basis. The net NPA per cent was up 119 basis points at 4.25 percent.

According to Kaul, fresh slippages during the quarter stood at Rs. 2,758 crore of which restructured assets worth Rs. 1509 crore had turned bad.

The bank was unable to sale bad assets worth of nearly Rs. 1,500 crore to asset reconstruction companies. The CMD cited a change in sale norms for the failure.

Source : Thehindubusinessline


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