UCO Bank Q2 profit surges 51% to Rs 156 cr

UCO Bank today reported a jump of around 51 per cent in net profit at Rs 156.20 crore for the second quarter ended September 30, even as the lender's bad assets rose substantially.
The Bank had registered a net profit of Rs 103.53 crore in the same July-September period of previous fiscal 2014-15.
Total income of the bank increased to Rs 5,308.08 crore during the quarter under review, from Rs 5,256.62 crore over the same period of 2014-15.
Asset quality slipped further during the period with gross non-performing assets (NPAs) rising to 8.51 per cent of gross advances as of September 2015, up from 5.2 per cent a year ago.

Net NPAs or bad loans too increased at 5.15 per cent during the second quarter, up from 3.15 per cent a year ago.
But despite the rise in NPAs, bank's provisioning for bad loans and contingencies were trimmed at Rs 913.27 crore as of September, up from Rs 935.30 crore a year ago.