State-owned United Bank of India today reported a net
loss of Rs 260.62 crore for the fourth quarter ended March 2018 due to high
non-performing assets (NPAs). The Kolkata-headquartered bank had reported a
profit of Rs 73.56 crore in the January-March quarter of 2016-17.
The bank's total
income was Rs 2,635.69 crore in the fourth quarter of the last fiscal, a
marginal decline from Rs 2,672.88 crore in the similar quarter in the year-ago
period, it said in a regulatory filing.
The gross NPAs
of the bank stood at 24.1 percent of the assets at end-March 2018, up from
15.53 percent at end-March 2017.
Similarly, the
net NPA jumped to 16.49 percent of loans compared to 10.02 percent at the end
of March 2017.
The bank set
aside Rs 1,384.95 crore towards provisions and contingencies in the fourth
quarter of the last fiscal, significantly higher than Rs 1,059.36 crore in the
year-ago period.
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