UCO Bank’s net profit rose to Rs 35.44 crore in the third quarter ended December 2020, on account of lower provisioning for bad loans. The lender had reported a net loss of Rs 960.17 crore during the same period a year ago.
On the other hand, the total income plunged to Rs 4,466.97 crore in the third quarter of the current fiscal. It had posted total income at 4,514.21 crore in the same period of 2019-20.
Bad loans ratio stood at 9.80 per cent of the gross loans in the quarter ended December 2020, as against 19.45 per cent in the year-ago period.
Net non-performing assets (NPAs) were at 2.97 per cent against 6.34 per cent.
Provisions for bad loans fell sharply to Rs 393.06 crore for the quarter under review from Rs 1,645.51 crore a year ago.
Post the Q3 results, bank’s shares soared nearly 3 per cent at Rs 13.55 apiece on the BSE.