United Bank of India posts Q1 net loss of Rs 211.46 crore

United Bank of India posts Q1 net loss of Rs 211.46 crore

United Bank of India (UBI), which is a State run lender, reported a dismal net loss of Rs 211.46 crore in the quarter ending June 30, 2017 in comparison to a net profit of Rs 38.32 crore in the year-ago period. Bank total income during the current period stands at Rs 2,852.61 crore, which is marginally higher then last year of 2,819.37 crore in same period last year.

Despite strong rise in operating profit at Rs 423.63 crore at 29.5 percent along with two-fold jump in other income, banl suffered net loss due to provision of bad loans. The lender’s provision for non-performing assets (NPAs) in the quarter under review, stood at Rs 732.53 crore in the quarter, up by a whopping 155 per cent from Rs 287.02 crore in the corresponding quarter last year.

It said its provision coverage ratio was at 55.76 per cent in June quarter, as against 52.47 per cent in the year-ago period. In the quarter, its asset quality worsened because gross NPAs grew by 20.25 per cent to Rs 12,164.90 crore from Rs 10,116.13 crore in the corresponding period last year.

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