United Bank Q3 net dips 81% on higher provisioning
The state-owned bank had reported net profit of Rs 226.02 crore in the corresponding quarter of the previous fiscal.
However, the income of the bank rose to Rs 2,599.39 crore in the third quarter of the current fiscal, up from Rs 2,214.16 crore in the same period a year ago, UBI said in a filing to the BSE.
It made provisioning and contingencies of Rs 450 crore during the third quarter of 2012-13, up from Rs 199.29 crore in 2011-12.
The net bad loans or non-performing assets (NPAs) of the bank increased slightly to 2.22 per cent, from 2.01 per cent in the year-ago period.
In value terms, net NPAs rose to Rs 1,416.18 crore in the third quarter, as against Rs 1,178.39 crore in Q3, 2011-12. Segment wise, the public sector lender's revenue from corporate/wholesale banking increased to Rs 1,403.39 crore during October-December of 2012-13, from Rs 1,203.86 crore year earlier.
While, income from retail banking fell to Rs 415.19 crore from Rs 461.22 crore.
In the nine-months to December 2012, the net income of the bank fell marginally by 4.7 per cent to Rs 360.72 crore from Rs 483.24 crore year earlier.
While the total income during April-December period rose to Rs 7,630.88 crore, from Rs 6,323.85 crore, it said. UBI stock today closed at Rs 70.80 on the BSE, down 3.34 per cent from the previous close.
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