Public sector lender United Bank of India (UBI) on Monday reported a 65 per cent drop in net profit at Rs 46.22 crore for the quarter ended March 31, against Rs 134.84 crore in the same period last year.
The fall was on account of fresh additions of Rs 488 crore as non-performing assets (Rs 980 crore for 2009-10) in the last quarter, and almost 72 per cent dip in treasury income.
“This year, the profit dipped as we didn't get much support from treasury and higher provisioning,” said Bhaskar Sen, chairman and managing director, UBI. Treasury income in the last quarter stood at Rs 37 crore, against Rs 137 crore in the same period last year.
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