1. United Bank posts net loss of RS 345 cr in Q2 

United Bank posts net loss of RS 345 cr in Q2 

The bank’s asset quality worsened further in the September quarter of the current fiscal. Gross non-performing assets (NPAs) in absolute term rose 15.8% year-on-year to Rs 12,892.67 crore during the period under review.

By: | New Delhi | Published: November 14, 2017 5:04 AM
united bank of india, ubi net loss State-run United Bank of India on Monday reported a whopping net loss of Rs 344.83 crore for the second quarter ended September 30 against a net profit of Rs 43.53 crore for the corresponding period a year ago, as its operating profit fell and provisions rose.
State-run United Bank of India on Monday reported a whopping net loss of Rs 344.83 crore for the second quarter ended September 30 against a net profit of Rs 43.53 crore for the corresponding period a year ago, as its operating profit fell and provisions rose. The lender had posted a net loss of Rs 211.46 crore for the first quarter of the current fiscal.  The bank’s asset quality worsened further in the September quarter of the current fiscal. Gross non-performing assets (NPAs) in absolute term rose 15.8% year-on-year to Rs 12,892.67 crore during the period under review. The bank’s gross NPA as a percentage of total loans rose to 18.8% in the September quarter this fiscal from 16.26% during the same period of the previous fiscal.
During July-September this year, the public sector bank’s operating profit saw a 34.5% y-o-y dip to Rs 286 crore against Rs 436.59 crore in the year-ago period. Net interest income (NII) remained flat at Rs 376.26 crore compared with Rs 376.40 crore in the corresponding period last fiscal, according to a stock exchange filing. Provisions and contingencies rose 87.8% y-o-y to Rs 753.09 crore from Rs 401.03 crore in the corresponding period of FY17.
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