State-run lender UCO Bank reported a 62 per cent increase in net loss to ₹623 crore for the quarter ending September 30, 2017. Loss in the corresponding quarter last fiscal stood at ₹385 crore.
For the quarter, the bank reported losses (before tax) in verticals like corporate banking and retail banking. Treasury and other banking operations remained profitable. The loss widened primarily on account of a reduction in interest earned. Provisioning, however, remained on the higher side. Interest earned for the period dipped 20 per cent to ₹3,446 crore (₹4,330 crore).
Asset quality worsenend with a rise in both net and gross non-performing assets.
Gross non-performing assets (NPA) increased nearly 10 per cent to ₹24,435 crore. Gross NPA per cent stood at 19.74 against 16.51 per cent in the year-ago-period.
Net NPA climbed a marginal 1 per cent year-on-year to 9.98 per cent, at ₹11,008 crore.