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UCO Bank posts $257 million fourth quarter loss as bad loans surge

Reuters
Leaflets advertising loans are pictured inside a commercial branch of the UCO Bank in Mumbai June 1, 2013. REUTERS/Vivek Prakash (Reuters)

MUMBAI (Reuters) - India's UCO Bank reported a fourth-quarter net loss of 17.15 billion rupees ($257 million) as its provisions for bad loans surged. Shares of the state-run lender fell more than 6 percent after the results. The Kolkata-based bank had reported a net profit of 2.09 billion rupees in the year-ago quarter. Its gross bad loans as a percentage of total loans increased to 15.43 percent in March from 10.98 percent as of December. Five other state-run banks, including second-biggest Bank of Baroda, are due to report fourth-quarter results on Friday. ($1 = 66.7500 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath)