Moneycontrol
Feb 12, 2018 03:28 PM IST | Source: Moneycontrol.com

United Bank posts Q3 net loss at Rs 637 cr on high provisions; asset quality deteriorates

Gross non-performing assets for the quarter were higher at 20.1 percent from 18.8 percent in previous quarter and net NPAs were also higher at 11.96 percent compared to 11.63 percent in Q3FY17.

 
 
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United Bank of India has posted a loss of Rs 637.5 crore for the December quarter 2017, dented by higher provisions with deterioration in asset quality performance.

Profit in corresponding quarter of last fiscal was at Rs 64.1 crore.

Net interest income during the quarter declined 3.6 percent to Rs 348 crore from Rs 361 crore in year-ago.

Gross non-performing assets for the quarter were higher at 20.1 percent from 18.8 percent in previous quarter and net NPAs were also higher at 11.96 percent compared to 11.63 percent in Q3FY17.

In absolute terms, gross NPAs increased 6.4 percent to Rs 13,721 crore and net NPAs rose 1.2 percent to Rs 7,365.1 crore compared to same quarter last fiscal.

Provisions and contingencies increased sharply by 42.7 percent quarter-on-quarter and 82.5 percent year-on-year to Rs 1,074.3 crore for quarter ended December 2017.

Other income (non-interest income) during the quarter fell 41.2 percent to Rs 478.4 crore and operating profit declined 65.8 percent to Rs 181.5 crore compared to year-ago.

At 15:15 hours IST, the stock price was quoting at Rs 15.35, up Rs 0.20, or 1.32 percent on the BSE.
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