UCO Bank’s loss at ₹999 cr for Q3 as bad loans balloon

NEW DELHI: State-owned UCO Bank on Friday reported a marginal drop in its net loss at ₹998.74 crore for third quarter ended December 31, 2018, as bad loans and provisions ballooned. The bank had posted a net loss of ₹1,016.43 crore in the same quarter of the previous fiscal. Total income of the bank also came down to ₹3,585.56 crore during October-December period of 2018-19, as against ₹3,721.93 crore in same quarter of 2017-18, the bank said in a regulatory filing. The Kolkata-headquartered lender, witnessed worsening asset quality as the gross non-performing assets (NPAs) ballooned to 27.39% of gross loans at end of December 31, 2018, from 20.64% in December 2017.