UCO Bank Q1 net slumps 51% to Rs 257 crore

The bank had a net profit of Rs 521.40 cr in the April-June quarter of 2014-15 fiscal

State-owned UCO Bank today reported a 50.76 per cent decline in net profit at Rs 256.70 crore for the first quarter ended June 30, on account of higher provisioning for bad loans.

The bank had a net profit of Rs 521.40 crore in the April-June quarter of 2014-15 fiscal.

Total income also declined to Rs 5,169.09 crore during the first quarter from Rs 5,395.17 crore in the three month period of 2014-15 fiscal, the bank said in a BSE filing.

Provisioning and contingencies of the Kolkata-based lender increased to Rs 763.56 crore in the June quarter, from Rs 517.14 crore in the same period last fiscal.

The Gross Non-performing Assets (NPAs) as a percentage of total advances increased to 7.30 per cent during June quarter, from 4.31 per cent in the same period last fiscal.

Net non-performing assets also rose to 4.53 per cent as against 2.33 per cent as on June 30, 2014.