UCO Bank shares zoom nearly 16 pc on Q4 net profit

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Shares of UCO Bank on Friday jumped nearly 16 per cent after the company reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31.
Shares of UCO Bank


New Delhi, Jun 26 (PTI)
 Shares of UCO Bank on Friday jumped nearly 16 per cent after the company reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31.

The stock zoomed 15.53 per cent to close at Rs 16.14 on the BSE. During the day, it jumped 19.97 per cent to Rs 16.76.

On the NSE, it increased 15.77 per cent to close at Rs 16.15.

In terms of volume, 84.40 lakh shares were traded on the BSE, while 5.19 crore shares changed hands on the NSE during the day.

The public sector lender on Friday reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31, mainly due to fall in NPA and lower provisioning.

The Kolkata-headquartered lender had posted a net loss of Rs 1,552.03 crore during January-March quarter of 2018-19.

The bank’s provisioning for bad loans and contingencies fell to Rs 1,199.82 crore during the quarter as against Rs 2,242.58 crore in the year-ago period.

On asset front, the lender improved its gross non-performing assets (NPAs) to 16.77 per cent of the gross advances as on March 31, 2020 compared to 25 per cent in March 2019.

Source:PTI

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