UCO Bank Q1 2014 net profit rises; shares fall

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UCO Bank Q1 2014 net profit rises; shares fall
UCO Bank: Quotes, News
BSE 33.80BSE Quote0.2 (0.59%)
NSE 33.75NSE Quote0.3 (0.89%)
Majority government owned UCO Bank has seen a rise in net profits to Rs 511 crores for Q1 2014, as against Rs 362.5 crores reported in the previous quarter.

The net NPA as on June 30, 2013 was Rs 3939 crores, which was marginally lower as at the last day of the previous quarter. The capital adequacy ratio was 13.44 per cent.

The stock was down almost 4 per cent following the results.

UCO Bank like most other banks including the private sector ones are suffering from problems relating to poor asst quality. HDFC Bank, Kotak Bank and IDBI bank have also seen a rise in their non performing assets.

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