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UCO Bank said its first quarter net profit halved to 256.7 crore rupees compared with 521.6 crore rupees in the same quarter a year ago. The bank's Net Interest Income fell 7.5 percent to 1,370.6 crore rupees during April-June versus 1,483.1 crore rupees in the year ago period.
UCO Bank said its Gross Non performing Assets soared to 7.30 percent of advances against 4.31 percent a year ago and its Net Non Performing Assets jumped up to 4.55 percent in the first quarter compared with 2.33 percent in the same quarter a year ago.
UCO Bank dropped 2.5 percent, or 1.4 rupees, to 53.15 rupees on the National Stock Exchange. Its futures showed a build up of short positions accompanied by a drop in prices.
UCO Bank's market capitalisation has plunged 44 percent in the past one year to 5,711 crore rupees as investors went bearish on PSU banks owing to a slowdown in the economy and rising non performing assets in major industries such as Steel, Infrastructure and power.
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