State-run lender UCO Bank reported strong numbers with the first quarter net profit growing 41 percent rise year-on-year to Rs 511 crore, bolstered by MAT refund. The bank recognised minimum alternative tax (MAT) credit to the extent of Rs 147.4 crore for the quarter gone by. Adjusting for this refund, net profit growth would have been flat.
Net interest income grew by 30.77 percent to Rs 1,364 crore during April-June quarter from Rs 1,043 crore reported in corresponding quarter of last fiscal.
Provisions and contingencies declined to Rs 741.3 crore in first quarter from Rs 976.7 crore in previous quarter, but increased 81 percent from Rs 408.87 crore on year-on-year basis.
Other income during June quarter doubled to Rs 462 crore from Rs 233 crore Y-o-Y.
Meanwhile, gross non-performing asset (NPA) increased marginally to 5.58 percent from 5.42 percent Q-o-Q, but net NPA was flat at 3.15 percent from 3.17 percent durign the same period.
Capital adequacy ratio as per Basel III was 13.44 percent for the quarter.
At 12:01 hours IST, the stock was quoting at Rs 68.90, down 6.32 percent. It had rallied 15 percent in previous session to close at Rs 73.55.
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