bank had pronounced a internet earnings of Rs209 crore in the year–ago zone. image: Madhu Kapparath/Mint
Mumbai: UCO financial institution on Friday mentioned a net lack of Rs.1,715.sixteen crore for the Marchquarter because of excessive provisions and occasional net interest income and other earnings.
This was the second one consecutive region when the financial institution said a net loss. The bankreported a profit of Rs.209.28 crore a yr ago.
internet hobby income (NII), or the core income a bank earns by giving loans, fell 26.eighty five% to Rs.933.eleven crore from Rs.1,275.67 crore within the equal sector remaining yr. Non-interest earningsfell 41.47% to Rs.387.eighty crore from Rs.662.55 crore in the identical duration last yr.
Gross non-acting assets (NPAs) rose 103.sixty eight% to Rs.20,907.73 crore at the end of the Marchquarter from Rs.10,265.05 crore a yr ago. The bank suggested gross NPAs of Rs.14,931.eighty 1 / 4 ago.
Provisions and contingencies jumped 142.14% to Rs.2,344.eighty crore within the zone, from Rs.968.38 crore a yr ago. in the December zone, the bank reported provisions of Rs.2,360.84 crore.
In December, the Reserve bank of India (RBI) performed an asset nice evaluation across the banking area, following which banks were asked to realise visibly harassed property as NPAs.
RBI additionally asked banks to make adequate provisions for those confused property over the 1/3 and fourth quarters of the fiscal 12 months that ended in March.
As a percent of total loans, gross NPAs stood at 15.43% at the give up of the March area, up from 10.ninety eight% within the preceding region and six.76% inside the yr–in the past zone.
internet NPAs had been at nine.09% in comparison to six.fifty one% within the preceding zone and4.three% inside the equal quarter last year.
shares of UCO financial institution closed 5.94% lower at Rs.34.05 apiece on BSE, while India’s benchmark Sensex index fell 1.17% to twenty-five,489.57 factors.
