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Uco cuts expenses & loss

Calcutta: Uco Bank has reduced its losses for the quarter ended June 30, 2018 on the back of lower expenses.

Net loss for the city-based bank was Rs 633.88 crore against Rs 663.02 crore in the corresponding quarter of the previous year.

Total income was Rs 4,360.88 crore against Rs 4,237.04 crore in the corresponding previous quarter. Total expenses during the quarter were Rs 3,178.71 crore against Rs 3,627.96 crore in the same quarter a year ago, which in turn improved the bank's operating profit .

Gross non performing assets during the quarter was Rs 29,786.41 crore against Rs 25,054.21 crore in the year-ago period.

The gross NPA ratio during the quarter was 25.71 per cent, up from 19.87 per cent in the same period previous year.

However, sequentially, there has been a reduction in gross NPAs compared with the quarter ended March 31, 2018.

The bank has made a provision of Rs 2,038.33 crore during the quarter for non-performing assets against Rs 1,204.25 crore in the year ago period. It also made provisions of Rs 627.79 crore in respect of all NCLT admitted borrower accounts.

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