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Monday, November 7, 2016

United Bank of India reported a 30% fall in net profit for the September quarter- a BIG TROUBLE

State-run United Bank of India KOLKATA reported a 30% fall in net profit for the September quarter due to further worsening of asset quality and fall in core income.
The bank’s net was at Rs 43.5 crore for the quarter under review as against Rs 61.9 crore in the year ago period. Gross non performing assets rose to Rs 11135 crore at the end of September from Rs 6112 crore a year back. Gross NPA was at Rs 10116 crore at the end of June quarter.
The core income or income from lending fell 13% at Rs 2232 crore as UBI’s loan assets shrunk 3.3% quarter-to-quarter to Rs 68,481 crore. Consequently, operating profit dipped 16% at Rs 437 crore.
Its total income also fell to Rs 2893 crore from Rs 2927 crore a year back despite 77% rise in other income at Rs 661 crore.
The government infused Rs 608 crore in the bank in September raising its holding to 89%. The capital adequacy ratio improved to 10.85%, well above the regulatory stipulation of 9%, with tier 1 capital at 8.55%

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