State-run Uco Bank on Friday reported that its net loss widened by 62 per cent year-on-year to Rs 622.56 crore for
the second quarter ended September 30 from Rs 384.83 crore for the same period a year ago as its operating profit declined 78 per cent year-on-year. During the first quarter this financial year, the lender had posted a net loss of Rs 663.02 crore.
The bank’s asset quality worsened further in the September quarter on a year-on-year basis, while on quarter-on-quarter basis, it showed some improvement. Gross non-performing assets (NPAs) in absolute term rose 9.7 per cent y-o-y to Rs 24,434.95 crore during the period under review. However, on q-o-q basis, the gross NPAs were down by a marginal 2.5 per cent from Rs 25,054.21 crore in the June quarter last fiscal, according to a stock exchange filing. (With inputs from FE)