UCO Bank on Saturday reported a net loss of Rs 1,497 crore in the third quarter (October-December) of 2015-16 against a net profit Rs 303.59 crore in the corresponding quarter in the previous financial year.
It also reported higher provisions at Rs 2,360.84 crore (Rs 907.54 crore).
The bank in a note to the accounts said, "during the quarter as part of asset quality review, RBI has advised the bank to revise asset classification/provisions in respect of certain advance accounts" over the two quarters -- third and fourth quarter of this fiscal. The non-performing loan provisioning coverage ratio of the bank stood at 55.40 per cent on December 31, 2015.
UCO Bank's gross NPA at the end of the quarter shot up to Rs 14,931.80 crore from Rs 9,530.63 crore in the year-ago period.
Total income of the bank in Q3 declined to Rs 4,934.63 crore from Rs 5447.39 crore.