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    HomeNewsBusinessEarningsUCO Bank Q4 net drops 80% to Rs 49.5cr on higher provisions

    UCO Bank Q4 net drops 80% to Rs 49.5cr on higher provisions

    Public sector lender UCO Bank disappointed the street Tuesday with fourth quarter (January-March) net profit falling 80.4 percent year-on-year to Rs 49.5 crore due to higher provisions.

    May 07, 2013 / 18:34 IST
       
       
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      Public sector lender UCO Bank disappointed the street Tuesday with fourth quarter (January-March) net profit falling 80.4 percent year-on-year to Rs 49.5 crore due to higher provisions.


      However, net interest income increased 28.3 percent to Rs 1,348 crore from Rs 1,050.6 crore Y-o-Y.

      Also Read - Allahabad Bank Q4 net drops 69% to Rs 126cr on bad loans


      Meanwhile, gross non-performing asset (NPA) jumped 194 basis points Y-o-Y (down 11 bps sequentially) to 5.42 percent and net NPA went up 121 bps Y-o-Y (down 15 bps Q-o-Q) to 3.17 percent in fourth quarter.


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


      Capital adequacy ratio stood at 14.22 percent as against 12.35 percent Y-o-Y and 13.19 percent Q-o-Q.

      first published: May 7, 2013 04:55 pm

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