May 08, 2013, 12.44 PM | Source:

UCO Bank plunges 4% on dismal performance in Q4

UCO Bank shares dropped more than four percent Wednesday, after it disappointed the street with fourth quarter earnings.

Moneycontrol Bureau

UCO Bank shares dropped more than four percent Wednesday, after the company disappointed the street with its fourth quarter earnings.

Net profit of the public sector lender fell by 80.4 percent year-on-year to Rs 49.5 crore due to higher provisions in January-March quarter. However, net interest income increased 28.3 percent to Rs 1,348 crore from Rs 1,050.6 crore Y-o-Y.

Provisions and contingencies more than doubled to Rs 977 crore in March quarter FY13 from Rs 456 crore in the corresponding quarter of last fiscal (Rs 728 crore in December quarter).

At 09:55 hours IST, the stock was quoting at Rs 70.40, down 4.15 percent amid high volumes on Bombay Stock Exchange. However, the stock gained more than 19 percent in past one month.

READ MORE ON  UCO Bank Q4 earnings, results
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