UCO Bank State Bank on Monday announced a widening of its net loss to 1,136.44 million rupees for the second quarter of 2018-2019, due to the rise in bad debts. The bank recorded a net loss of Rs 622.56 crores in September 2017-2018. In June this year, the company's net loss amounted to Rs 633.88 billion.
Total income also fell to Rs. 3,749.18 crores during the quarter, compared with Rs.3,757.51 in the same period of 2017-2018, the bank said in a BSE report. .
The quality of the bank's assets deteriorated as gross unproductive assets reached 25.37% of gross advances at September 30, 2018, compared with 19.74% at the end of September 2017.
Net EPSs were 11.97%, compared to 9.98% for the same period of the previous year.
In absolute terms, gross NPAs or bad debts amounted to Rs 29,581.49 crore at the end of September 2018, compared to Rs 24,434.95 crore previously. Net EPS increased to 11,820.21 crores from Rs 11,008.23 crores.
Due to the growing number of APNs, the bank increased bad debt provisions to Rs. 1,410.94 crore during the current quarter, compared to Rs. 1,323.36 crores the previous year.
The provisioning coverage ratio for nonperforming loans is 67.61% as of September 30, 2018, said UCO Bank.
The shares of the bank closed at 4.27% to Rs 20.20 on the BSE.