UCO Bank drops as net loss widens in Q2

UCO Bank dropped 2.59% to Rs 33.90 at 14:30 IST on BSE after the bank posted net loss of Rs 622.56 crore in Q2 September 2017 higher than net loss of Rs 384.83 crore in Q2 September 2016.

The result was announced after market hours on Friday, 3 November 2017. The stock had fallen 2.66% to Rs 34.80 ahead of the results on Friday, 3 November 2017.

Meanwhile, the S&P BSE Sensex was up 114.24 points, or 0.34% to 33,799.80. The S&P BSE Mid-Cap index was up 97.60 points or 0.58% to 16,810.71, outperforming the Sensex.

High volume was witnessed on the counter. On the BSE, 2.76 lakh shares were traded in the counter so far, compared with average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 34.60 and a low of Rs 32.60 so far during the day. The stock had hit a 52-week high of Rs 44.80 on 5 May 2017. The stock had hit a 52-week low of Rs 28.50 on 11 August 2017.

The stock had outperformed the market over the past one month till 3 November 2017, gaining 16% compared with 6.95% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.1% as against Sensex's 4.49% rise. The scrip had, however, underperformed the market in past one year, gaining 3.57% as against Sensex's 22.8% rise.

The mid-cap psu bank has equity capital of Rs 1866.89 crore. Face value per share is Rs 10.

UCO Bank's total income fell 24% to Rs 3757.51 crore in Q2 September 2017 over Q2 September 2016.

The bank's gross non-performing assets (NPAs) stood at Rs 24434.95 crore as on 30 September 2017 as against Rs 25054.21 crore as on 30 June 2017 and Rs 22275.51 crore as on 30 September 2016.

The ratio of gross NPAs to gross advances stood at 19.74% as on 30 September 2017 as against 19.87% as on 30 June 2017 and 16.51% as on 30 September 2016.

The ratio of net NPAs to net advances fell to 9.98% as on 30 September 2017 as against 10.63% as on 30 June 2017 and 8.83% as on 30 September 2016.

The bank's provisions and contingencies fell 41.9% to Rs 864.70 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 80.51% stake in UCO Bank as on 30 September 2017 as per the shareholding pattern.

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