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UCO Bank's net down
NEW DELHI,
JAN. 25.
UCO Bank today reported a 59 per cent fall in its net profit at Rs. 55 crores during the third quarter of this fiscal as compared to Rs. 134 crores recorded for the third quarter in the previous year.
The company attributed the fall to provisioning of employees' wages amounting to Rs. 40 crores and depreciation of Rs. 181 crores for transfer of government securities from available-for-sale category to held-to-maturity category.
The bank's total income was up 15.5 per cent to Rs. 1,036 crores against Rs. 896.57 crores.
PTI
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