UCO Bank announces Q4 data; posts net loss of Rs 1,552 cr

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...
Kunwar Prithvi Singh Chauhan
Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

Kolkata, May 14 State-run UCO Bank has narrowed its net loss to Rs 1,552.02 crore in the fourth quarter of the financial year 2018-19 ended March, as against a net loss of Rs 2,134.36 crore for the same period a year ago, as per results announced on Tuesday.

However, its net loss has increased sequentially, as it had posted a net loss of Rs 998.74 crore in the December quarter of the last fiscal.

The bank, which is under the prompt corrective action (PCA) framework of the Reserve Bank of India, said it has posted operating profit of Rs 690.55 crore for the quarter, up year-on-year from Rs 112.42 crore during the corresponding period of 2017-18.

The bank is aiming to back in profit and consequently come out of the PCA framework by the fourth quarter of the current fiscal.

Talking to the media, MD and CEO A.K. Goel said he was “hopeful that the lender would turn to profit and come out of the PCA measure by the fourth quarter of this fiscal”.

Gross non-performing assets (NPAs or bad loans) of the bank by end of 2018-19 decreased to Rs 29,888.33 crore, as against Rs 31,121.79 crore in the December quarter, while its net NPAs reduced to Rs 9,649.92 crore as on March 31, 2019, from Rs 11,755.61 crore in the December quarter.

“The net NPA ratio is expected to come down to below 6 per cent, and the bank should return to profits by the last quarter of FY20,” Goel said.

Capital adequacy ratio of the lender improved to 10.70 per cent.

Provision for NPAs during the quarter in consideration stood at Rs 2601.80 crore, as against Rs 2,243.85 crore in the December quarter.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Trump lauds relations with Italy, Rome seeks trade dialogue (Lead)

Washington, Oct 16 (IANS/AKI) Ties between Italy and the US "have never been so good", US President Donald Trump...

Libyan conflict risks destabilising Africa: Italy

Washington, Oct 16 (IANS/AKI) The protracted conflict in Libya could destabilise the whole of Africa, Italian President Sergio Mattarella said on Wednesday after talks...

Good friends buy Pakistan four months to ‘eliminate’ terror financing – But can it?

New Delhi, Oct 16 (IANS) With all-weather friend China heading the FATF, and backed by two other "brotherly countries" of Malaysia and Turkey, Pakistan...

Telcos passing off wirelines as mobile numbers to evade charges: Jio

New Delhi, Oct 16 (IANS) Reliance Jio has alleged incumbents, including state-run BSNL, Bharti Airtel and Vodafone Idea, have fraudulently masquerading wireline numbers as...

Vice President watches ‘Sye Raa…’ with Chiranjeevi

Hyderabad/ New Delhi, Oct 16 (IANS) Vice President M. Venkaiah Naidu on Wednesday watched Telugu movie "Sye Raa Narasimha Reddy" along with its lead...
- Advertisement -

More Articles Like This