United Bank of India books loss of Rs 489cr in Q2
Total income of United Bank of India in July-September quarter increased to Rs 2,876.77 crore, from Rs 2,532.39 crore in the year-ago period.
November 11, 2013 / 12:09 IST
United Bank of India reported a loss of Rs 489.47 crore for the July-September quarter of 2013-14 fiscal on account of rise in non-performing assets.
The Kolkata-based state-owned lender had earned a net profit of Rs 144.63 crore for the same period of 2012-13. However, the total income increased to Rs 2,876.77 crore, from Rs 2,532.39 crore in the year-ago period. The provision and contingencies of the bank rose nearly four-fold to Rs 987.35 crore as compared to Rs 258.59 crore in the same period a year ago, United Bank of India said in a filing to the BSE. During the first half of the current fiscal, the bank's loss was Rs 444.74 crore, as against profit of Rs 318.52 crore in H1, 2012-13. The total income rose to Rs 5,745.58 crore in the first six months from Rs 5,031.41 crore in the year-ago period. As of September 30, 2013, the gross non-performing assets (NPAs) of the bank was 7.52 percent of gross advances, as against 3.88 percent year a year ago. Its net non-performing assets rose to 5.39 percent from 1.95 percent. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
