UCO Bank Q2 net loss widens to Rs 623 crore

State-owned UCO Bank today reported widening of net loss to Rs 622.56 crore for the quarter ended September 30, due to rise in bad loans.
The bank had posted a loss of Rs 384.83 crore in the July-September period of the previous fiscal.
Total income of the bank decreased to Rs 3,757.51 crore during the quarter under review, from Rs 4,941.41 crore over the same period of 2016-17.
For quarter under review, UCO Bank's provision for bad loans jumped to Rs 1,323.36 crore as against Rs 980.03 crore a year ago.
Asset quality slipped further during the period with gross non-performing assets (NPAs) rising to 19.7 per cent of gross advances as of September 2017, up from 16.51 per cent a year ago.

Net NPAs or bad loans too increased to 9.98 per cent during the second quarter, up from 8.83 per cent a year ago.