United Bank back in black after 7 quarters of losses

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Kolkata | Published: May 14, 2019 3:54:32 AM

Kolkata-headquartered United Bank of India (UBI) registered a net profit of Rs 95.18 crore for the quarter ended March 31, 2019 on the back of net interest income that increased nearly 25% over the year.

Gross NPA stood at Rs 12,053.38 crore during the quarter, while net NPA stood at Rs 5785.61 crore.

Kolkata-headquartered United Bank of India (UBI) registered a net profit of Rs 95.18 crore for the quarter ended March 31, 2019 on the back of net interest income that increased nearly 25% over the year.

The bank made a net profit after seven consecutive quarters with the operating profit rising up to Rs 540 crore during the quarter under review from a level of Rs 132.90 crore during the corresponding period last fiscal.

The bank registered a net loss of Rs 260.62 crore during the corresponding period last fiscal when its assets were under huge stress.

Gross NPA and net NPA then were 24.10% and 16.49% respectively which improved to 16.48% and 8.67% respectively during the quarter under review. Gross NPA stood at Rs 12,053.38 crore during the quarter, while net NPA stood at Rs 5785.61 crore.

The bank earned a net interest margin of 2.43%, while net interest income for the entire year increased to Rs 1,975 crore from a level of Rs 1,493 crore last fiscal. The bank’s total business crossed Rs 2 lakh crore as the return on assets became positive at 0.26% after negative returns in the earlier quarters.

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