United Bank of India Q1 net down 27%, bad loans rise

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New Delhi | August 9, 2016 10:37 PM

United Bank of India on Tuesday reported nearly 27% year-on-year fall in its net profit to Rs. 38.32 crore for the quarter ended June 30 as compared to Rs. 52.22 crore in the year-ago period.

The bank’s total income during the first quarter fell to Rs. 2819.37 crore from Rs. 2896.75 crore in the year-ago period, posting a dip of 2.67% y-o-y. (PTI)The bank’s total income during the first quarter fell to Rs. 2819.37 crore from Rs. 2896.75 crore in the year-ago period, posting a dip of 2.67% y-o-y. (PTI)

United Bank of India on Tuesday reported nearly 27% year-on-year fall in its net profit to Rs. 38.32 crore for the quarter ended June 30 as compared to Rs. 52.22 crore in the year-ago period.

The Kolkata-based public sector bank’s asset quality deteriorated during the June quarter this fiscal. Its gross NPA as a percentage of total loans rose to 14.29% in the first quarter of current fiscal from 9.57% in the corresponding period last fiscal, according to a BSE filing. In absolute terms, gross NPAs were Rs 10,116.13 crore as against Rs 6,532.83 crore in the year-ago period.

The bank’s total income during the first quarter fell to Rs. 2819.37 crore from Rs. 2896.75 crore in the year-ago period, posting a dip of 2.67% y-o-y.

The bank said fresh slippage during the period under review rose due to economic slowdown and assets quality review (AQR) as advised by the RBI. United Bank’s net NPA ratio in Q1FY16 stood at 9.85%, up from 6.30% during same period of FY15.

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