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UBI posts Rs 211.46 crore net loss in Q1

UBI posts Rs 211.46 crore net loss in Q1Kolkata, Aug 12 (IANS) State-run lender United Bank of India (UBI) on Friday reported a net loss of Rs 211.46 crore in the quarter ended June 30, 2017 as compared to a net profit of Rs 38.32 crore in the year-ago period.

The bank's total income during the period was at Rs 2,852.61 crore, up marginally from 2,819.37 crore in same period last year.

In spite of a strong 29.5 per cent rise in operating profit at Rs 423.63 crore, backed by nearly two-fold jump in other income, the bank suffered the net loss during the quarter as provisions for bad loans surged.

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.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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UBI posts Rs 211.46 crore net loss in Q1

About Gopi Adusumilli

Gopi Adusumilli is a Programmer at Excellus Blue Cross Blue Shield. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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