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UCO Bank shares climbed 12 per cent today riding on the back of higher other income and growth in core income in the September quarterly earnings. The stock gained 12% to Rs 18 in early trades on the BSE.
The stock had touched a high of Rs 21.14 on November 21, 2019 and thereafter it fell steadily and touched a low of Rs 15.05 on December 11, 2019 and found support here.
The bank reported an overall improvement in asset quality, with both gross and net non-performing assets witnessing a decline. Gross NPAs, as a percentage of total loans, stood at 21.87 per cent, down from 25.37 per cent in the same period last year, while net NPAs came down to 7.32 per cent (11.97 per cent).
It may be noted that UCO Bank reported narrowing of net loss to ₹892 crore in the quarter ended September 30, 2019, against a loss of ₹1,136 crore in the same period last year.
On a sequential basis, net loss was up from ₹601 crore reported in the first quarter of this fiscal.
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