UCO Bank has narrowed down its net loss marginally to ₹960 crore for the quarter ended December 31, 2019, as compared with a loss of ₹999 crore in the same period last year.
Operating profit witnessed a 217 per cent growth to ₹1,210 crore (₹381 crore).
Net interest income increased by close to 50 per cent to ₹1,237 crore (₹827 crore). Other income registered a growth of 199 per cent to ₹743 crore.
The bank’s total provisions and contingencies grew 62 per cent at ₹2,171 crore from ₹1,340 crore -- despite a 27 per cent dip in provisions to cover non performing assets (NPA) at ₹1,646 crore -- forcing it to report the straight 17th quarter loss.
Slippages down
The bank’s asset quality showed some improvement during the quarter under review.
The percentage of gross non-performing assets (NPA) to advances decreased to 19.45 per cent (27.39 per cent), while net NPA reduced to 6.34 per cent (12.48 per cent).
Fresh slippages have also come down to ₹2,078 crore during the quarter under review against ₹3,800 crore in the same period last year, AK Goel, MD and CEO, said.
UCO Bank is expecting to recover close to ₹725 crore during the January-March 2020 quarter.
The bank has improved its net interest margin to 2.62 per cent in the December quarter against 1.62 per cent in the December 2018 quarter.