United Bank Q3 net profit dips 81 percent to Rs.42 cr

By Indo Asian News Service | Tuesday, February 05, 2013 | 9:14:05 PM IST (+05:30 GMT) Comment 0 Comment

Kolkata, Feb 5 (IANS) Public sector lender United Bank of India posted an 81.33 percent decline in its net profit for the quarter ended Dec 31, 2012, at Rs.42.2 crore against Rs.226.02 crore in the corresponding quarter previous year.

Kolkata, Feb 5 (IANS) Public sector lender United Bank of India posted an 81.33 percent decline in its net profit for the quarter ended Dec 31, 2012, at Rs.42.2 crore against Rs.226.02 crore in the corresponding quarter previous year.

Total income of the Kolkata-based bank during the period under review increased 17.40 percent to Rs 2,599.39 crore on a year on year basis.

Provisioning for non-performing assets (NPA) and other contingencies during the third quarter of the current fiscal soared by 125.8 percent to Rs.450 crore from Rs.199.29 crore in the same period last fiscal, the bank informed the Bombay Stock Exchange (BSE) Tuesday.

Net NPA or bad loans increased to 2.22 percent from 2.01 percent and in value terms it swelled to Rs.1,416.18 crore against Rs.1,178.39 crore.

The board of directors of the bank Tuesday approved of a capital infusion through preferential allocation of equity shares of Rs.100 crore in the form of common equity to strengthen tier 1 capital. It is subject to the approval of the shareholders.

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