Centre infuses Rs 3,076 crore capital into UCO Bank

Centre infuses Rs 3,076 crore capital into UCO Bank

Kolkata, Dec 31 (IANS) State-run lender UCO Bank on Monday said the central government has infused Rs 3,076 crore of capital into it by way of preferential allotment.

The government “has conveyed its decision to invest Rs 3,074 crore in the equity of the Bank by way of preferential allotment and Bank has received the amount on Monday,” it said in a regulatory filing.

By the end of second quarter of 2018-19 (FY19), its capital adequate ratio (Basel III) stood at 7.57 per cent as against 9.32 per cent year-ago.

The government holds 90.8 per cent stake in the lender as on September 30.

The lender posted Rs 1,136.44 crore net loss for the second quarter of FY19 against a net loss of Rs 622.56 crore for the same period of previous fiscal as provision to cover bad loans increased.

During the September quarter this fiscal, gross non-performing assets (NPAs) in absolute terms fell marginally on quarter-on-quarter basis to Rs 29,581.49 crore from Rs 29,786.41 crore.

Gross NPA as a percentage of total loans also decreased by 0.34 basis points (bps) to 25.37 per cent from 25.71 per cent during the June quarter.

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