UCO Bank has invited bids to sell non-performing assets (NPA) amounting Rs 324 crore. The state-owned bank has sought bids by December 27. The non-performing assets portfolio on sale comprises 62 accounts. The bank expects the sale to get complete by month of January and its impact to reflect on the portfolio and financials in January- March quarter.
Earlier in November, UCO Bank had invited bids to sell off NPA’s amounting Rs 160 crore but the bank has received very tepid response despite extension of the submission date. This time the bank wants the sale to happen at the earliest to help reduce its provision requirements by cutting NPA ratios.
The bank’s net profit for the second quarter ended September 30, 2011 of the current fiscal has grown 93.6% at Rs 230.75 crore as compared to Rs 119.19 crore for the corresponding quarter of the last year. The bank’s total income has surged 25.8% at Rs 3,730.79crore for the quarter under review as compared to Rs 2,964.54 crore for the second quarter of the previous year.
The banks’ gross NPA stood at 3.64% for the quarter ended September 30, 2011 as compared to 2.39% in the quarter ended September 30, 2010. Its net NPA also rose at 2.11% in Q2FY12 as compared to 1.18% in Q2FY11.
| Company Name | CMP |
|---|---|
| SBI | 1109.45 |
| PNB | 113.95 |
| Canara Bank | 142.60 |
| Bank Of Baroda | 281.85 |
| Union Bank Of India | 189.80 |
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