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Last Updated : Oct 30, 2019 03:28 PM IST | Source: Moneycontrol.com

United Bank locked at 20% upper circuit after robust Q2 show

Pre-provision operating profit jumped quite sharply by 190 percent to Rs 598.57 crore YoY in Q2FY20.

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Shares of United Bank of India were locked in 20 percent upper circuit at Rs 8.90 on October 30 after the lender reported a solid set of earnings during the July-September period.

At 1509 hours IST, there were pending buy orders of 624,570 shares, with no sellers available on the BSE.

The bank reported a profit of Rs 124 crore during the July-September quarter, supported by lower provisions and healthy growth in the net interest income. Asset quality also improved sequentially.

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Net interest income grew by 74.6 percent year-on-year to Rs 773 crore in quarter ended September 2019.

The state lender had reported a loss of Rs 883.2 crore in the same period last year.

The bank's net interest income grew by 74.6 percent year-on-year to Rs 773 crore. Gross non-performing assets (NPAs) as a percentage of gross advances declined 38bps sequentially to 15.51 percent and net NPA as a percentage of net advances dropped 31bps QoQ to 7.88 percent in Q2FY20.

 Provisions and contingencies fell sharply to Rs 436.4 crore in the September quarter against Rs 571.6 crore in the June quarter and Rs 1,481 crore in Q2FY19.

The bank paid a tax of Rs 38.3 crore for the quarter against a tax credit of Rs 392 crore in the same period last year


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First Published on Oct 30, 2019 03:26 pm
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