United Bank of India Q3 net down 59%, at Rs 17 cr

Bank attributes fall to drop in interest income and trading profits

United Bank of India today reported a net profit of Rs 17 crore for the quarter ended December 2015, against Rs 41.78 crore in the same period last year, a fall of nearly 59 per cent over the same period last year.

The bank attributed the fall in net profit to the fall in interest income and trading profits. The bank's net interest income stood at Rs 608 crore in the last quarter, a fall of by 2.31 per cent over the same period last financial year. The other income of the bank stood at Rs 357 crore in Q3 of FY16, a fall of nearly 16 per cent over the same period last year.

The gross non-performing assets (NPA) of the bank declined from nearly Rs 7809 crore as on December 2014 to about Rs 6722 crore in December 2015. The net NPA of the bank came down from Rs 5240 crore to Rs 3956 crore, a fall of nearly 24 per cent on a year-on-year basis. In percentage terms, the gross NPA came down from 12.03 per cent in December 2014 to 9.57 per cent as on December 2015. The net NPA came down from 8.50 per cent to 5.91 per cent,

The fresh slippage in Q3 of FY16 stood at about Rs 1160 crore, against Rs 1622 crore in the same period last year.