UCO Bank net profit dips 69% to Rs 102 crore in third quarter

State-owned UCO Bank today reported a 69.2 per cent slump in net profit at Rs 102.47 crore for the quarter ended December 31, 2012, on account of rising bad loans. Its net profit over the same quarter in the previous fiscal year stood at Rs 332.55 crore.

Total income of the bank in the third quarter rose to Rs 4,360.88 crore from Rs 3,973.62 crore in the year-ago period, it said in a filing to the Bombay Stock Exchange.

Net non-performing assets (NPAs) or bad loans of the bank increased to 3.32 per cent during the quarter, from 2.04 per cent in the corresponding quarter of the last fiscal year. In terms of amount, the net NPAs rose to Rs 3,927 crore from Rs 2,131.07 crore.

For the nine months ended December 2012, net profit declined 33.6 per cent at Rs 568.64 crore from Rs 855.83 crore in the year-ago period.

Total income during the nine-months (April-December) of 2012-13 increased to Rs 19,176.82 crore from Rs 11,381.29 crore.

Uco Bank shares traded at Rs 67.80 on the BSE at 3.30 p.m., down 5.11 per cent from its previous close.