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UCO Bank Q1 results: Net profit increases to Rs 21.5 cr on lower provisions for bad debts
The bank had recorded a net loss of Rs 601.45 crore in the same quarter of the previous year. On a quarterly basis, UCO Bank had recorded a profit of Rs 16.78 crore in the March quarter of this year.
Its total income in April-June 2020 fell slightly to Rs 4,436.57 crore from Rs 4,446.61 crore during the same period of 2019, the bank said in a regulatory filing.
Interest income fell to Rs 3,662.64 crore in the quarter from Rs 3,816.53 crore a year ago.
Its provisions for bad and bad debts for the period fell to Rs 1,180.37 crore from Rs 1,802.89 crore a year ago. Of this amount, provisions for bad debts stood at Rs 564.78 crore, which is less than Rs 1,374.97 crore a year ago.
The Calcutta-based lender has shown a steady improvement in the quality of its assets by reducing gross non-performing assets (NPAs) to 14.38% of gross advances as of June 30, 2020, from 24.85% in June 2019 and 16, 77%. cent at the end of March 2020.
In terms of value, the NPA has declined to Rs 16,576.43 crore at the end of June 2020, from Rs 29,431.60 crore a year ago.
Net NPA also fell to 4.95% (Rs 5,138.18 crore) at the end of the first quarter of the fiscal year21, from 8.98% (Rs 8,781.97 crore) a year ago. It was 5.45% at the end of the fiscal year ended March 2020.
UCO Bank said it has kept Delhi Airport Metro Express Pvt Ltd (DAMEPL) as the standard account in terms of the Supreme Court order and necessary guidelines issued by the RBI.
The amount not treated as NPA by IRAC standards is Rs 194.14 crore and the provisions to be made are Rs 77.54 crore, the bank said.
Further, he stated that under the provisions of the Insolvency and Bankruptcy Code (IBC), there was a total outstanding amount of Rs 913.46 crore in respect of certain borrower accounts and the bank holds a provision of Rs 813.94 crore.
“During the quarter, the bank reported two loan accounts under the RBI Debt Fraud category and the amount outstanding was Rs 581.59 crore as of June 30, 2020. The accounts were already under the NPA category and one provision amounting to Rs 357.37 crore is held in the account … the bank has made an additional provision of Rs 74.74 crore as of June 30, 2020 “, he added.
The NPL provisioning coverage ratio is 86.50% as of June 30, 2020, he said.
UCO Bank’s stock closed 0.78 percent lower at Rs 14.07 each on BSE.
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