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Public sector lender UCO Bank has pared losses by 71 per cent to ₹437 crore for the quarter ending December 31, 2016, on a year-on-year basis. Net loss in the comparative quarter last fiscal stood at ₹1,497 crore.
Net losses came down primarily on account of a 44 per cent reduction in provisioning to ₹1,326 for the third quarter of this fiscal. In Q3 FY16 provisioning stood at ₹2,361 crore. Operating profit (before accounting for provisions and contingencies) for the lender, however, rose by over 19 per cent to ₹889 crore (₹745 crore in the year-ago-period). The operating profit was driven by improved gains from treasury operations. For the October-December period, profit (before tax) from treasury operations increased by over 70 per cent to ₹840 crore (₹492 crore in Q3 FY16). During the quarter under review, the asset quality saw a significant decline. Gross non-performing assets (NPAs) increased by nearly 49 per cent to ₹22,181 crore (₹14,931 crore in the year-ago-period).
Similarly, net NPAs too shot up to ₹10,545 crore, a rise of around 25 per cent over the ₹8,410 crore reported in Q3 of last fiscal.
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