INSUBCONTINENT EXCLUSIVE:
Kolkata: State-owned lender Uco Bank suffered Rs 999 crore net loss in the December quarter due to further deterioration of asset quality
but treasury gains helped it to contain the loss as compared with Rs 1016 crore in the year ago period.
Fresh bad loans -- Rs 1000 crore on
account of defaults by ILFS group companies and another Rs 800 crore of farm loans -- pushed gross non-performing assets ratio to 27.4% at
end of December compared with 25.4% a quarter back.
The treasury gains led to Rs 570 crore write back in provision which helped containing
the net loss.
Uco's total income fell to Rs 3,586 crore, as against Rs 3,722 crore in same quarter of 2017-18, the bank said in a
regulatory filing.
Uco Managing Director AK Goel expressed hope for better results in the next quarter as the bank started receiving
interest free floating funds from oil companies importing crude from Iran.
Net NPA ratio was 12.48% as against 10.90% sequentially.
The
government injected Rs 3076 crore capital helping the capital adequacy ratio improve to 9.33% from 7.57% last quarter.
The bank's advances
portfolio shrunk to Rs 1.14 lakh crore from Rs 1.17 lakh crore earlier
