UCO Bank's Q4 losses seen lower at Rs1,552 cr
16 May 2019
State-run UCO Bank (formerly known as United Commercial Bank) registered a net loss of Rs1,552.02 crore in the final quarter of the 2018-19 fiscal (January-March 2018-19) compared to a loss of Rs2,134.36 crore in Q4FY18, helped by lower provisioning for bad loans.
Total income of the bank during the quarter increased to Rs4,148.52 crore compared with Rs3,424.65 crore in the year-ago quarter.
For the full fiscal the bank reported a net loss of Rs4,321.09 crore loss in FY19. The bank had posted net loss of Rs4,436.37 crore during the financial year 2017-18, UCO Bank said in a filing with the Bombay Stock Exchange.
Total income of the bank increased by 4.64 per cent to Rs15,844.14 crore in FY19 from Rs15,141.13 crore in the last fiscal.
However, the lender's provisioning and contingencies increased to Rs7,065.97 crore in FY19 from Rs5,761.19 crore in FY18. The provision set aside to cover non-performing assets stood at Rs8,294.92 crore compared with Rs7,343.38 crore during the previous year.
Kolkata-headquartered UCO Bank detected 99 fraud cases amounting to Rs2,461.36 crore during FY19. Out of these accounts, the bank has recovered a total amount of Rs 234.24 crore and provision of Rs 2,227.12 crore was made towards fraud during the year," the bank said.
The lender's asset quality improved during the year ended 31 March 2019 with a decline in the bank's gross non-performing assets (NPAs), which was flat at 25 per cent. Net NPAs of the bank fell to 9.72 per cent compared to 13.10 per cent in the corresponding period last fiscal.
In value terms, the gross NPAs stood at Rs29,888.33 crore as of 31 March 2019 compared with Rs30,549.92 crore a year-ago. Net NPAs stood at Rs9,649.92 crore against Rs14,082.07 crore in the last fiscal.