United Bank stocks jump nearly 17 pc post Q2 results

Shares of United Bank of India on Thursday skyrocketed nearly 17 percent in early trade after the lender reported a net profit of Rs 123.88 crore for the September quarter. Shares of the state-owned lender rose 16.40 percent to Rs 10.36 apiece on the BSE.

On the NSE, the scrip zoomed 16.85 percent to Rs 10.05. United Bank of India on Wednesday reported a net profit of Rs 123.88 crore for the September quarter on the back of substantially lower dud loans, leading to lower provisioning requirements.

The Kolkata-headquartered bank had posted a net loss of Rs 883.17 crore in the July-September period of 2018-19. Total income rose to Rs 3,013.74 crore in the September quarter, compared with Rs 2,600.47 crore earned in the corresponding period of the previous financial year, the bank said in a regulatory filing.

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