Over 50% fall in UCO Bank's net drags stock down nearly 4.5%
Higher provisioning of bad loans dragged down profits for the state-owned bank.
Shares of UCO Bank today fell nearly 4.5% after the company reported a 50.76% decline in net profit for the first quarter ended June 30.
The stock declined 4.31% to Rs 52.15 on BSE.
On NSE, it slipped 4.49% to Rs 52.10.
The state-owned UCO Bank on Saturday reported a 50.76% drop in net profit at Rs 256.70 crore for the first quarter on account of higher provisioning for bad loans.
The bank had a net profit of Rs 521.40 crore in April-June of 2014-15.
Total income also declined to Rs 5,169.09 crore during the first quarter, from Rs 5,395.17 crore a year ago, the company had said in a BSE filing.
The gross non-performing assets (NPAs) as a percentage of total advances widened to 7.30% in the said quarter, from 4.31% in the same period last fiscal.
Net NPAs also rose to 4.53% as against 2.33% as of June 30, 2014.