UCO Bank Q2 net loss widens to Rs 1,136 crore

New Delhi: State-owned UCO Bank Monday reported widening of net loss to Rs 1,136.44 crore for the second quarter of 2018-19, on rising bad loans.

The bank had registered a net loss of Rs 622.56 crore in the September quarter of 2017-18. In the June quarter this fiscal, the company's net loss stood at Rs 633.88 crore.

Total income also fell to Rs 3,749.18 crore in the reported quarter as against Rs 3,757.51 crore in the same period of 2017-18, the bank said in a BSE filing.

The bank's asset quality worsened as the gross non-performing assets (NPAs) soared to 25.37 per cent of the gross advances as on September 30, 2018 as against 19.74 per cent by the end of September 2017. Net NPAs were 11.97 per cent as compared to 9.98 per cent in the year-ago period.

In absolute terms, gross NPAs or bad loans stood at Rs 29,581.49 crore at end-September 2018 as against Rs 24,434.95 crore earlier. Net NPAs rose to Rs 11,820.21 crore from Rs 11,008.23 crore.

Due to mounting NPAs, the bank hiked the provisions for bad loans to Rs 1,410.94 crore during the reported quarter, up from Rs 1,323.36 crore in the year-ago period.