UCO Bank falls 4.5%, post weak Q1 earnings

Shares of UCO Bank today fell 4.5 per cent after the company reported a 50.76 per cent decline in net profit for the first quarter ended June 30.
The stock declined 4.31 per cent to Rs 52.15 on BSE.
On NSE, it slipped 4.49 per cent to Rs 52.10.
The state-owned UCO Bank on Saturday reported a 50.76 per cent drop in net profit at Rs 256.70 crore for the first quarter on account of higher provisioning for bad loans.
The bank had a net profit of Rs 521.40 crore in April-June of 2014-15.
Total income also declined to Rs 5,169.09 crore during the first quarter, from Rs 5,395.17 crore a year ago, the company had said in a BSE filing.

The gross non-performing assets (NPAs) as a percentage of total advances widened to 7.30 per cent in the said quarter, from 4.31 per cent in the same period last fiscal.
Net NPAs also rose to 4.53 per cent as against 2.33 per cent as of June 30, 2014.