UCO Bank today reported a net loss of Rs 384.83 crore for the quarter ended September 30, 2016, on account of higher provisions for bad loans.
The Bank had registered a net profit of Rs 156.2 crore in the July-September period of previous fiscal 2015-16.
Total income of the bank decreased by 6.90 percent to Rs 4,941.41 crore during the quarter under review, from Rs 5,308.08 crore over the same period of 2014-15.
For quarter under review, UCO Bank's provision for bad loans and contingencies jumped by 62.96 percent to Rs 1,488.34 crore as against Rs 913.27 crore a year ago.
Asset quality slipped further during the period with gross non-performing assets (NPAs) rising to 16.51 percent of gross advances as of September 2015, up from 8.51 percent a year ago. Net NPAs or bad loans too increased to 8.83 percent during the second quarter, up from 5.15 percent a year ago.
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