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United Bank of India slips into red, posts Rs 211 cr Q1 loss on rising NPAs

Press Trust of India/New Delhi 12 Aug 17 | 09:04 PM

The provisions to cover bad loans and contingencies increased to Rs 758.35 crore for the first quarter

State-owned United Bank of India (UBI) on Saturday reported a net loss of Rs 211.46 crore for the first quarter ended June, on rise in Non-Performing Assets (NPAs) and higher provisioning.

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The bank had registered a net profit of Rs 38.32 crore in the April-June quarter of previous fiscal.

Total income of the bank during the reported quarter was marginally up at Rs 2,852.61 crore as against Rs 2,819.37 crore year ago, the bank said in a regulatory filing.

Bank's bad loan proportion rose substantially as gross NPAs rose to 17.17 per cent of the gross advances by end June 2017 from 14.29 per cent as on June 30, 2016.

Value wise, it stood at Rs 12,164.90 crore against Rs 10,116.13 crore during the two periods compared.

Net NPA proportion hit 11.10 per cent of net advances by end of first quarter of this fiscal (Rs 7,269.66 crore) as against 9.85 per cent of net loans by June 2016 (Rs 6,579.28 crore).

The provisions to cover bad loans and contingencies increased to Rs 758.35 crore for the first quarter of 2017-18, from Rs 275.26 crore a year ago.

The Kolkata-headquartered lender said its total deposits increased by 7.26 per cent to Rs 1,25,305 crore from Rs 1,16,820 crore in the year-ago period.

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