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Kolkata-based lender UCO Bank Ltd has reported an over 208 per cent jump in net profit to Rs 315 crore for the quarter ended December 31, 2013.
In the corresponding quarter last fiscal, the bank reported a net profit of about Rs 103 crore.
Its total revenue during the year stood at Rs 4,919 crore.
A MAT credit of Rs 126 crore has been recognised during the quarter, the bank said in a release to the BSE.
According to Arun Kaul, Chairman and Managing Director, an increase in operating profits coupled with focus on low-cost deposits helped boost the net profit. Stressed assets worth Rs 322 crore were sold to asset reconstruction companies in Q3. Total provisioning for non-performing assets rose 12 per cent to Rs 812 crore. Fresh slippages during the quarter declined to Rs 597 crore from Rs 976 crore a year ago. “The decline in slippages is an indication of our efforts to ensure recovery and control of NPAs,” he said.
On the BSE, shares ended 2 per cent lower, at Rs 75.95.
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