UCO bank Q4 profit declines 26 pc as bad loans mount

UCO Bank's net profit declined by 26.5 per cent to Rs 287.70 crore in the fourth quarter of 2014-15 financial year, compared to the same period last year, due to rising bad loans.
The bank had reported a net profit of Rs 284.7 crore in the similar quarter of 2013-14.
"Total income has decreased from Rs 5,309.27 crore for the quarter ended March 31, 2014 to Rs 5,263.36 crore for the quarter ended March 31, 2015," it said in a filing to BSE.
Gross NPAs (non-performing assets) or bad loans mounted to 6.76 per cent of the advances in the fourth quarter, up from 4.32 per cent a year ago.

Net NPAs too rose to 4.30 per cent in the last quarter of FY15, up from 2.38 per cent a year ago.
The provisioning towards bad loans and contingencies during the last quarter of 2014-15 increased to Rs 968.38 crore, from Rs 904.64 crore a year earlier.

On yearly basis, the bank posted a net profit of Rs 1,137.8 crore for the year ended March 31, 2015, against Rs 1,510.54 crore for the year ended March 31, 2014.
"Total income has increased from Rs 19,550.42 crore for the year ended March 31, 2014, to Rs 21,362.54 crore for the year ended March 31, 2015."

Shares of UCO Bank dipped by 5.1 per cent to close at Rs 56.95 on BSE.