United Bank stocks jump over 13 pc post Q2 results

Shares of United Bank of India on Thursday skyrocketed over 13 per cent 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 closed 12.81 per cent higher at Rs 10.04 apiece. The stock rose 16.40 per cent to hit an intra-day high of Rs 10.36 on the BSE.

On the National Stock Exchange (NSE), the scrip zoomed 13.48 per cent to settle at Rs 10.10. During the day, it was up 16.85 per cent at 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 requirement.

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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