UCO Bank net rises 12% to Rs 253 cr

Kolkata-based public sector lender UCO Bank recorded a 12 per cent rise in net profit at Rs 253 crore for the fourth quarter ended March 31, against Rs 226 crore in the same period last year.

Chairman and Managing Director Arun Kaul of UCO Bank said that the profits would have been more but for higher provisioning for non-performing assets of Rs 379 crore during the fourth quarter, as against Rs 94 crore during same period last year.  Provisioning rose on account of bad loans from sectors like aviation and iron and steel.

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