UCO Bank documented 35.44 net profit in Q3

UCO, a public sector bank on Monday had documented a net profit of Rs 35.44 crore for the third quarter which ended in December 2020, on an account of poorer provisioning for the bad loans. The Kolkata-based bank had noted a net loss of Rs 960.17 crore in between the month of October-December period of the last year’s fiscal. The total revenue, nonetheless, knocked over marginally to Rs 4,466.97 crore in the third quarter of the recent fiscal year as against Rs 4,514.21 crore documented same in 2019-20, UCO Bank had announced in a regulatory filing.

The bank’s poor loans percentage stood up at 9.80 percent of the gross loans in the quarter ended in December 2020, as against 19.45 percent in the year-ago duration. (NPAs), Net non-performing assets were at 2.97 percent against 6.34 percent. Provisions for poor loans knocked over snappily to Rs 393.06 crore for the quarter under the assessment from Rs 1,645.51 crore a year ago. During this, the bank’s MD & CEO A K Goel told in Kolkata that the lender has joined all the parameters to spread the prompt and corrective action (PCA) framework that is being prescribed by the RBI in May 2017, due to an unfavorable recovery on the assets and tall NPA. The shares of UCO Bank were exchanging at 2.64 percent higher at Rs 13.22 individually on the Bombay Stock Exchange, BSE.


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