UBI posts Rs 344.83 crore net loss in Q2

State-run United Bank of India (UBI) on Monday reported a net loss of Rs 344.83 crore for the second quarter ended September 30 against a net profit of Rs 43.53 crore for the corresponding period a year ago.

Its operating profit fell to Rs 286 crore in the quarter under review, as against Rs 436.59 crore in the corresponding period last year.

The lender had posted a net loss of Rs 211.46 crore for the first quarter of the current fiscal.

The bank's asset quality deteriorated further in the September quarter of the current fiscal.

Gross non-performing assets (NPAs) in absolute terms rose 15.8 per cent year-on-year at Rs 12,892.67 crore during the period under review.

The bank's gross NPA as a percentage of total loans rose to 18.80 per cent in the September quarter of this fiscal from 16.26 per cent during the same period in the previous fiscal.

Net interest income (NII) remained flat at Rs 376.26 crore compared with Rs 376.40 crore in the corresponding period of last fiscal, according to a stock exchange filing.

--IANS

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