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UCO Bank posts Q4 net loss at Rs 1,552 cr; yearly loss at Rs 4,321 cr

Namrata Acharya/Kolkata 14 May 19 | 06:50 PM

UCO Bank posted a net loss of about Rs 1,552 crore for the Q4 of FY19, compared to a net loss of Rs 2,134 crore in the same period of the previous financial year. The bank had posted a net loss of Rs 999 crore in Q3 of FY19. 

For FY19, the bank posted a net loss of about Rs 4,321 crore, against a net loss of Rs 4,436 crore in FY18. 

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The bank expects to come out of PCA framework by Q4 of this fiscal, said A K Goel, MD and CEO of UCO Bank. The bank would focus on recovery and CASA mobilisation for the turnaround.

Provisions for non-performing assets (NPAs) in the last quarter stood at Rs 2,602 crore, against Rs 3134 crore in the same period of FY18.

Gross NPA, as percentage of total lending, stood at 25 per cent as against 24.64 per cent in the corresponding quarter of the previous fiscal. Net NPA stood at 9.72 per cent in the last quarter, against 13.10 per cent in the same period of FY18.

In the last quarter, government infused about Rs 3,330 crore in the bank.

ALSO READ: Indian Bank reports net loss of Rs 190 cr in Q4 due to IL&FS provisioning

The bank’s share of CASA deposit stood at nearly 43 per cent in the last quarter, much of which was on account of deposits from Iran. UCO Bank is the only bank for settling payments for oil import from Iran, which has given the bank a windfall gain in terms of interest-free deposits.

The bank’s advances fell from Rs 1.24 trillion in FY18 to nearly Rs 1.19 trillion in FY 18. The fall was on account of closure of two branches, one each in Hong Kong and Singapore. The bank now has two branches, one each in the two countries. 

The bank is expecting a recovery of around Rs 1500 crore from NCLT cases this financial year. 

ALSO READ: Back in the black, United Bank of India aims PCA framework exit by Q2FY20

Goel said in the last one year the bank was able to reduce fresh silppages from Rs 15,033 crore in FY18 to Rs 9,082 crore in FY 19.

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