The finance ministry ordered forensic audit in case of non-performing assets (NPA) of the bank and that forensic audit will find out irregularities in loan sanction.
Shares of UCO Bank fell more than 8 percent in early trade Wednesday on reports of some irregularities in loan sanction. The finance ministry ordered forensic audit in case of non-performing assets (NPA) of the bank and that forensic audit will find out irregularities in loan sanction.
Asset quality of the pubilc sector lender had improved in the quarter gone by . Gross NPAs of the public sector lender stood at Rs 6,346.3 crore at the end of June 2014, down 11.6 percent compared to same quarter last year and down 4 percent compared to previous quarter. Net NPAs declined 6 percent sequentially and 15 percent on yearly basis to Rs 3,344 crore in the quarter ended June 2014.
chairman of the bank had said, " The focus on recovery upgradation has continued and that is what is helping the bank to reduce gross NPAs. "Even net NPAs at 2.33 percent are below the last year 3.15 percent level as on June 30th and March 31st this year it was 3.28 percent. So continuously both gross and net NPAs are coming down and the focus will continue on the recovery and upgradation of distressed assets," he added.
Shares of UCO Bank fell more than 8 percent in early trade Wednesday on reports of some irregularities in loan sanction. The finance ministry ordered forensic audit in case of non-performing assets (NPA) of the bank and that forensic audit will find out irregularities in loan sanction.
Asset quality of the pubilc sector lender had improved in the quarter gone by . Gross NPAs of the public sector lender stood at Rs 6,346.3 crore at the end of June 2014, down 11.6 percent compared to same quarter last year and down 4 percent compared to previous quarter. Net NPAs declined 6 percent sequentially and 15 percent on yearly basis to Rs 3,344 crore in the quarter ended June 2014.
chairman of the bank had said, " The focus on recovery upgradation has continued and that is what is helping the bank to reduce gross NPAs. "Even net NPAs at 2.33 percent are below the last year 3.15 percent level as on June 30th and March 31st this year it was 3.28 percent. So continuously both gross and net NPAs are coming down and the focus will continue on the recovery and upgradation of distressed assets," he added.
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