UCO Bank Q1 Net dips 51 per cent to Rs 257 Crore
Manjiri Meshram / 10 Aug 2015
Recently UCO Bank announced its First Quarter FY16 result, the total interest earned rose slightly by 2.79 per cent to Rs 4729 crore against Rs 4601 crore on quarterly basis. The total income declined by 1.79 per cent to Rs 5169 crore as compared to Rs 5263 crore Q-o-Q basis.
UCO Bank is a commercial bank and a Government of India Undertaking. It operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking operations.
Recently UCO Bank announced its First Quarter FY16 result, the total interest earned rose slightly by 2.79 per cent to Rs 4729 crore against Rs 4601 crore on quarterly basis. The total income declined by 1.79 per cent to Rs 5169 crore as compared to Rs 5263 crore Q-o-Q basis. Treasury operations segment reduced by 12.84 per cent, corporate/wholesale banking rose by 18.9 per cent and retail banking declined by 10 per cent on quarterly basis.
The operating profit declined by 5.36 per cent to Rs 1161.4 crore, wherein the operating profit margin contracted by 85 basis points to 22.47 per cent. During the quarter, provisions declined by 21.14 per cent and stood at Rs 763.6 crore against Rs 968.4 crore sequentially.
The Net profit increased by 22.66 per cent to reach Rs 256.7 crore in Q1FY16 as against Rs 209 crore in Q4FY15. Gross non-performing asset (NPA) in Q1 rose by 6.1 per cent to Rs 10,894.4 crore versus Rs 10,265.1 crore quarter-on-quarter. Net NPA was up by 3.3 per cent stood at Rs 6,541.1 crore against Rs 6,330.6 crore Q-o-Q. Gross NPA at 7.3 per cent, it was 6.76 per cent in previous quarter.Net NPA at 4.53 per cent, it was 4.3 per cent in the previous quarter.
UCO Bank reported a 50.76 per cent decline in net profit of Rs.256.70 crore for the first quarter ended 30 June compared to Rs.521.40 crore in year-ago quarter, on account of higher provisioning for bad loans. Total income also declined by 4.19 per cent to Rs.5,169.09 crore during the first quarter from Rs.5,395.17 crore year on year basis. Net interest income (NII) was at Rs 1371 crore against Rs 1483.1 crore in corresponding quarter of last fiscal.
During the Quarter, FII holding reduced by 67 basis points to 3.1 per cent, while the DII holding increased by 41 basis points to 15.17 per cent.
On Friday after the result announced, UCO Bank closed at Rs 54.50, down by 1.89 per cent. Today, UCO bank is trading around 1 per cent lower at Rs 53.
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