UCO Bank rose 1.27% to Rs 14.36 after the government owned lender reported a net profit of Rs 21.46 crore in Q1 FY21 as against a net loss of Rs 601.45 crore in Q1 FY20.
Total income fell marginally by 0.2% on a year-on-year (YoY) basis to Rs 4,436.57 during the quarter. Pre-tax profit stood at Rs 43 crore in Q1 June 2020 as against a pre-tax loss of Rs 601.45 crore in Q1 June 2019. The bank made a provision of 21.54 crore for current taxes in the June quarter.
The bank's provisions and contingencies declined 34.5% to Rs 1,180.37 crore in Q1 FY21 from Rs 1,802.89 crore in Q1FY20. Of this, the provision for non performing assets shrunk 58.9% YoY to Rs 564.78 crore in the June quarter.
During Q1 FY21, UCO Bank made an additional provision of Rs 43.88 crore on account of COVID-19 related accounts. The bank held a total provision of Rs 57.15 crore w.r.t. COVID-19 related accounts as on 31 March 2020.
Gross non-performing assets (NPAs) stood at Rs 16,576.43 crore as on 30 June 2020 as against Rs 19,281.95 crore as on 31 March 2020 and Rs 29,431.60 crore as on 30 June 2019.
The ratio of gross NPAs to gross advances stood at 14.38% as on 30 June 2020 as against 16.77% as on 31 March 2020 and 24.85% as on 30 June 2019.
The ratio of net NPAs to net advances stood at 4.95% as on 30 June 2020 as against 5.45% as on 31 March 2020 and 8.98% as on 30 June 2019.
Total deposits increased by 1.4% to Rs 1,95,119.60 crore in Q1 FY21 from Rs 1,92,363.55 crore in Q1 FY20. Advances at the end of the June 2020 quarter rose by 6.2% to Rs 1,03,768.74 crore as compared to Rs 97,744.06 crore at the end of June 2019 quarter.
The Government of India held 94.44% stake in the bank as on 30 June 2020.
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