State-owned United Bank of India has reported Rs 114 crore net profit for the December quarter, compared with Rs 1139 crore net loss in the year ago period. It operating profit grew 67% at Rs 637 crore as against Rs 383 crore for the same period.
The bank's asset quality improved when compared to annually but they remained largely at the same level sequentially.
Its gross non performing assets ratio was at 15.48% at the end of the third quarter to December, compared with 15.51% at the end of September while it was 21.27% a year ago.
Net NPA ratio slipped to 8.56% from 7.88% three months back. It was however an improvement when compared to a year ago's 12.08%.
UBI, which is set to be merged with Punjab National Bank and Oriental Bank of Commerce, has reported net interest margin at 2.98% for the third quarter, an improvement of 98 basis points over the year ago period. Net interest income increased to Rs 819 crore against Rs 380 crore in the same period.
Its total business stood at Rs 2.09 lakh crore with advances growing 6.8% to Rs 73991 crore
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