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Investment Guru India 2019-02-09 10:51:42

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State-run lender UCO Bank on Friday said it narrowed net loss to Rs 998.74 crore for the quarter ended December 31, 2018 as against a net loss of Rs 1016.43 crore for the same period a year ago.

The bank, which is under the prompt corrective action (PCA) of the Reserve Bank of India, had reported a net loss of Rs 1136.44 crore for the second quarter of the current fiscal.

"We expect 2019-20 to be a year of turnaround for us. We will lay a major thrust on recovery," the bank's MD and CEO A.K. Goel said.

The bank's operating profit during the December quarter this fiscal witnessed 3.38 per cent year-on-year increase to Rs 381.41 crore from Rs 368.95 crore in the corresponding quarter of the last fiscal.

During the quarter under review, gross non-performing assets (NPAs) in absolute terms rose 5.2 per cent quarter-on-quarter to Rs 31,121.79 crore from Rs 29,581.49 crore in the July-September period.

Gross NPA as a percentage of total loans rose to 27.39 per cent from 25.37 per cent during the previous quarter.

During December quarter, net NPA ratio also increased to 12.48 per cent.

Fresh slippages during the third quarter of this fiscal stood at Rs 3466 crore, Goel said.

Provisions and contingencies stood at Rs 1399.56 crore, up around 1 per cent year-on-year. The bank's provisions for non-performing assets stood at Rs 2243.85 crore, which increased by 33.37 per cent year-on-year.