UCO Bank Q1 net sinks 51% to Rs 257cr, gross NPA up 6%

Moneycontrol Bureau UCO Bank has posted disappointing April-June quarter earnings. Its Q1 net profit fell 50.8 percent to Rs 256.7 crore from Rs 521.4 crore year-on-year. Net interest income (NII) or difference between revenue generated from a bank's assets and expenses associated with paying out its liabilities was at Rs 1371 crore against Rs 1483.1 crore in corresponding quarter last fiscal.  During the quarter, provisions stood Rs 763.6 crore against Rs 968.4 crore sequentially and Rs 517.1 crore on annual basis. Provision coverage ratio (PCR) was at Rs 53.84 percent as on June 30.

Gross non-performing asset (NPA) in Q1 rose 6.1 percent to Rs 10,894.4 crore versus Rs 10,265.1 crore quarter-on-quarter (Q-o-Q). Net NPA was up 3.3 percent stood at Rs 6,541.1 crore against Rs 6,330.6 crore (Q-o-Q).

Capital adequacy ratio at 11.71 percent compared to 12.17 percent (Q-o-Q).

On Friday, UCO Bank was at Rs 54.50, down Rs 1.05, or 1.89 percent on the BSE.