UCO Bank Q1 net loss widens to Rs663 crore

According to the bank, its standalone net profit during the quarter under review stood at Rs 343.40 crore as compared to Rs 306.36 crore in the corresponding period of 2016-17.

Escorts, Indian tractor manufacturer, on Wednesday (2 August) reported an increase in net profit by 33.4% at Rs 62.6 crore in the quarter ending June 2017 against Rs 47 crore in quarter ended June 2016 and up by 5.3 per cent as against the sequential quarter.

Gross non-performance assets (NPAs) as proportion of advances declined marginally to 13.66 per cent compared to 13.75 per cent at the end of June a year ago.

Total income of the bank fell to Rs 3,209.84 crore in the three months to June of 2017-18, as against earnings of Rs 3,444.15 crore in the same quarter a year ago. Gross NPAs were 17.12% as on 31 March, 2017.

The bank's gross NPA as a percentage of total loans rose to 19.87% in the June quarter this fiscal from 17.19% during the same period previous fiscal.

The bank has made provision of Rs 26.08 billion, which was higher by 14.24% from prior year period to Rs 22.83 billion. Its net NPA ratio was at 8.94% at the end of fourth quarter last fiscal.

While, the bank had kept aside Rs942.73 crore towards bad loans provisioning for June 2016 quarter.

The stock ended 1.40 per cent up at Rs 540.15 on BSE.

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