United Bank of India Q3 loss widens to Rs 1,139 cr

State-owned United Bank of India Tuesday reported widening of loss to Rs 1,139.25 crore for the December 2018 quarter, owing to rising bad loans. The Kolkata-based lender had posted a loss of Rs 637.53 crore in the corresponding quarter a year ago.

However, the total income of the bank rose to Rs 2,846.23 crore during the quarter, compared with Rs 2,483.01 crore in the year-ago quarter. Its asset quality worsened with gross non-performing assets (NPAs) rising to 21.27 per cent (Rs 14,737.61 crore) of the gross advances as on December 2018, compared with 20.10 per cent (Rs 13,720.69 crore).

Net NPAs or bad loans also increased to 12.08 per cent (Rs 7,489.89 crore) from 11.96 per cent (Rs 7,365.14 crore). As a result, provision other than tax and contingencies nearly doubled to Rs 1,967.20 crore, compared with Rs 1,074.35 crore in the same period a year ago.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)