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UCO Bank Q1 net up 2% to Rs 520 crore

Kolkatabased public sector lender UCO Bank on Friday reported a 2.01 per cent rise in net profit of Rs 520 crore in the April-June quarter  of current financial year against Rs 511 crore in same the quarter last year on account of significant fall in other income.

Net interest income of the bank, the difference between interest earned and interest expended, grew 8.7 percent on yearly basis to Rs 1,483 crore from Rs 1,364 crore while other income (non-interest income) fell 30 percent to Rs 322.23 crore from Rs 461.9 crore year-on-year.

Banks’ asset quality improved during the period with the gross NPA declined sequentially (down 127 basis points Y-o-Y) to 4.31 per cent from 4.32 per cent and net NPA falling 5 basis points Q-o-Q (82 bps year-on-year) to 2.33 per cent in the quarter ended June 2014. Provisions dropped 42.9 per cent on sequential basis (down 30.2 per cent on yearly basis) to Rs 517 crore during first quarter of 2014-15.
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