United Bank of India jumps as gross NPAs on absolute basis drop in Q1

United Bank of India rose 4.07% to Rs 25.60 at 15:21 IST on BSE as the bank's gross NPAs on absolute basis dropped to Rs 6532.82 crore as on 30 June 2015, from Rs 6552.91 crore as on 31 March 2015 and from Rs 7097.44 crore as on 30 June 2014.

The Q1 result was announced during market hours today, 3 August 2015.

Meanwhile, the S&P BSE Sensex was up 73.22 points or 0.26% at 28,187.78.

The stock surged on high volumes. On BSE, so far 2.85 lakh shares were traded in the counter as against average daily volume of 94,147 shares in the past one quarter.

The stock hit a high of Rs 26.45 and a low of Rs 25.30 so far during the day. The stock had hit a 52-week high of Rs 53.65 on 31 July 2014. The stock had hit a record low of Rs 21.85 on 12 June 2015.

The small-cap bank has equity capital of Rs 839.52 crore. Face value per share is Rs 10.

United Bank of India's ratio of gross non-performing assets (NPAs) to gross advances stood at 9.57% as on 30 June 2015 as against 9.49% as on 31 March 2015 and 10.49% as on 30 June 2014. The ratio of net NPAs to net advances stood at 6.3% as on 30 June 2015 as against 6.22% as on 31 March 2015 and 7.23% as on 30 June 2014.

United Bank of India's net profit fell 20.74% to Rs 52.22 crore on 3.57% decline in total income to Rs 2896.75 crore in Q1 June 2015 over Q1 June 2014.

The bank's provisions and contingencies rose 16% to Rs 493.58 crore in Q1 June 2015 over Q1 June 2014.

The Government of India held 82% stake in United Bank of India (as per the shareholding pattern as on 30 June 2015).

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