"The total slippages for the March quarter were Rs 6,000 crore and for June quarter it would be much less," said Ravi Krishan Takkar, Managing Director and Chief Executive Officer, UCO Bank.
"Accounts worth Rs 1,500 crore became non-performing assets (NPA) due to February 12 circular of the Reserve Bank of India (RBI)," said Takkar.
State-lender UCO Bank had yet another weak set of earnings as it reported a net loss for the tenth quarter in a row, which was also the highest ever net loss for the bank.
The total net loss over last 10 quarters stood at Rs 9,499 crore and the net loss highest ever in a quarter was at Rs 2,134 crore. The quarter-on-quarter (QoQ) gross NPA stood at 20.4% at Rs 30,549.9 crore against Rs 25,382 crore.
He said the credit costs increased because of high level of NPAs and power sector issues also continue. The credit cost is expected to be between 1-1.5% in FY19, said Takkar.