New Delhi: State-owned Uco Bank posted a net loss of Rs 440.56 crore for the first quarter ended June 30, amid mounting bad loans. The bank had posted a net profit of Rs 256.70 crore in the year-ago period.
However, the bank narrowed down its net loss from Rs 1,715.15 crore that it posted in the January-March sequential quarter of the previous fiscal of 2015-16.
"Total income has decreased to Rs 4,727.93 crore for the quarter ended June 30, 2016 from Rs 5,169.09 crore in the year-ago period," Uco Bank said in a BSE filing today.
The bank's asset quality deteriorated as on June 2016, as gross non-performing assets (NPAs), or bad loans, more than doubled at 17.19% of gross advances, as against 7.30
per cent in the year-ago period. Gross NPAs stood at Rs 22,597.70 crore, up from Rs 10,894.41 crore from the same period of the previous fiscal. Net NPAs rose to 10.04% (Rs 12,127.44 crore) from 4.53% of net advances.
Consequently, the reserves against bad loans was at Rs 1,250.50 crore, up from Rs 765.56 crore in the same period a year ago. Stock of the bank closed 0.58% lower at Rs 42.75 on BSE.
