{"id":77357,"date":"2018-05-11T21:06:37","date_gmt":"2018-05-11T21:06:37","guid":{"rendered":"http:\/\/www.bnreport.com\/uco-bank-net-loss-of-rs-2134-cr-in-jan-mar-as-npas-rise-significantly\/"},"modified":"2018-05-11T21:06:37","modified_gmt":"2018-05-11T21:06:37","slug":"uco-bank-net-loss-of-rs-2134-cr-in-jan-mar-as-npas-rise-significantly","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/uco-bank-net-loss-of-rs-2134-cr-in-jan-mar-as-npas-rise-significantly\/","title":{"rendered":"UCO Bank net loss of Rs 2,134 cr in Jan-Mar as NPAs rise significantly"},"content":{"rendered":"

NEW DELHI: Government-owned UCO Bank<\/a> today reported a nearly four-fold rise in its net loss at Rs 2,134.36 crore for the fourth quarter ended March 2018. <\/p>\n

The Kolkata-headquartered lender had posted a net loss of Rs 588.19 crore in the corresponding quarter of the year 2016-17. Compared sequentially, the net loss was up by 110 per cent from Rs 116.43 crore in December quarter of 2017-18. <\/p>\n

Income during the March quarter also declined to Rs 3,424.65 crore from Rs 3,906.74 crore, the bank said in a regulatory filing. <\/p>\n

The bank had to raise its provisioning for bad loans<\/a> to Rs 3,133.52 crore for the quarter against Rs 1,577.60 crore reserved in the year-ago period. <\/p>\n

On yearly basis, net loss of the bank rose to Rs 4,436.37 crore from a loss of Rs 1,850.67 crore in fiscal ended March 2017. <\/p>\n

Income during the fiscal also fell to Rs 15,141.13 crore from Rs 18,440.29 crore a year ago. Full year NPA provisioning were hiked to Rs 7,343.38 crore against Rs 4,414.68 crore. <\/p>\n

UCO Bank said the board of directors at the meeting held today decided that no dividend<\/a> will be declared for 2017-18. <\/p>\n

On asset front, gross bad loans or non-performing assets (NPAs) hit a high of 24.64 per cent (Rs 30,549.92 crore) of the gross loans as on March 31, 2018 against 17.12 per cent (Rs 22,540.95 crore) a year ago. <\/p>\n

Net NPAs rose to 13.10 per cent (Rs 14,082.07 crore) from 8.94 per cent (Rs 10,703.39 crore). <\/p>\n

The board also approved issuing "150,00,00,000 equity shares to raise tier I equity capital up to Rs 3,000 crore from market sources in one or more tranches during the financial year 2018-19," the bank said. <\/p>\n

The money is to be raised through various options like follow on public offer, qualified institutional placement, preferential issue. <\/p>\n

Stock of UCO Bank closed 1.60 per cent up at Rs 19.10 on BSE. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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