United Bank of India Q3 result, posts net profit of Rs64.10 crore

United Bank of India on Friday said it registered a net profit of Rs64.10 crore in the December quarter against Rs17 crore a year ago, thanks to higher income and a substantial tax credit.

Net interest income (NII), or the core income a bank earns by giving loans, rose 68.45% to Rs608.09 crore in from Rs360.98 crore last year. Other income more than doubled to Rs814.08 crore from Rs357.21 crore. The bank also reported a tax credit of Rs122.49 crore.

Gross non-performing assets (NPAs) at United Bank fell 2.59% to Rs10,845.31 crore at the end of the December quarter from Rs11,134.47 crore in the September quarter. As a percentage of total loans, gross NPAs were 15.98% at the end of the December quarter compared with 16.26% in the previous quarter and 9.57% a year ago.

Provisions against bad loans and contingencies tripled to Rs1,380.85 crore in the third quarter from Rs401.03 crore the preceding quarter. Net NPAs rose to 10.62% in the December quarter compared with 11.19% in the previous quarter and 5.91% in the same quarter last year.