UCO Bank shares plunged over 6 per cent on Friday after the public sector lender reported a loss of Rs. 1,715 crore in the March quarter on account of higher provisioning towards stressed loans. UCO Bank had reported a profit of Rs. 209 crore in the corresponding quarter of last fiscal.
Kolkata-based UCO Bank made a provision of Rs. 2,345 crore towards stressed loans in Q4, up from Rs. 968 crore in the year ago period and Rs. 2,361 crore in the December quarter.
UCO Bank’s gross non-performing assets increased to Rs.20,907 crore in the March quarter against Rs. 14,932 crore in the December quarter. As a percentage of total advances, UCO Bank’s gross NPA increased to 15.43 per cent in Q4 against 10.98 per cent in Q3.
UCO Bank’s net non-performing assets (gross NPA minus provisions) stood at 9.09 per cent against 6.51 per cent in the December quarter.
As of 1.39 p.m., UCO Bank shares traded 6.49 per cent lower at Rs. 33.85 apiece compared to 1.4 per cent fall in the broader Sensex.