UBI net up 4.2% bad loans take toll
Higher slippages and provisioning led to an almost flattish net profit for Kolkata-based United Bank of India (UBI) in the fourth quarter of the last financial year.
The bank’s net profit grew 4.2 per cent to Rs 149 crore in the last quarter, against Rs 143 crore in the same period last year. Profits took a hit due to bad loans from sectors like aviation, iron and steel, power and infrastructure.
The bank restructured loans worth Rs 469 crore to Air India in the last quarter.