Odisha News Insight

UCO Bank Net Profit dips 27 Percent in Fourth Quarter

UCO BankKolkata, May 12 (IANS) State-run UCO Bank posted net profit of Rs.209 crore for fourth quarter of 2014-15, which is 27 percent lower than Rs.285 crore in like period year ago.  According to the bank’s financial results for Q4 and fiscal 2015, sequentially too, net profit declined 31 percent from Rs.304 crore in third quarter.

“Net profit for fiscal under review also declined 25 percent year-on-year (YoY) to Rs.1,138 crore from Rs.1,511 crore year ago,” the city-based bank said in a statement here on Tuesday. Operating profit too declined 11 percent YoY to Rs.1,227 crore from Rs.1,373 crore in like period year ago and 14 percent sequentially from Rs.1,424 crore.

For 2014-15, operating profit remained flat at Rs.4,910 crore as against Rs.4,940 crore year ago. Total income for Q4 was also flat YoY at Rs.5,263 crore as against Rs.5,309 crore year ago and 3.4 percent less than Rs.5,447 crore in Q3.

For the fiscal, total income, however, increased 9.3 percent YoY to Rs.21,362 crore from Rs.19,550 crore year ago.

Provisions and contingencies went up 7 percent YoY in Q4 to Rs.968 crore from Rs.905 crore and 6.7 percent sequentially from Rs.908 crore in Q3. For the fiscal, they increased 3.4 percent YoY to Rs.3,328 crore from Rs.3,216 crore year ago.

Gross non-performing assets (NPA) zoomed 85 percent YoY to Rs.10,265 crore in 2014-15 from Rs.6,621 crore a year ago and net NPA 78 percent YoY to Rs.6,331 crore from Rs.3,556 crore.

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