UCO Bank ably battles bad loans
UCO Bank on Wednesday reported a net loss of Rs 384.83 crore for the quarter ended September 30, 2016, on account of higher provisions for bad loans. The Bank had registered a net profit of Rs 156.2 crore in the July-September period of previous fiscal 2015-16.
Total income of the bank decreased by 6.90 per cent to Rs 4,941.41 crore during the quarter under review, from Rs 5,308.08 crore over the same period of 2014-15. For quarter under review, UCO Bank’s provision for bad loans and contingencies jumped by 62.96 per cent to Rs 1,488.34 crore as against Rs 913.27 crore a year ago.