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United Bank of India firms up after Q1 results

Capital Market 

United Bank of India rose 1.47% to Rs 9.66 at 14:38 IST on BSE after the bank reported net profit of Rs 104.99 crore in Q1 June 2019 compared to a net loss of Rs 388.68 crore in Q1 June 2018.

The result was announced during market hours today, 30 July 2019.

Meanwhile, S&P BSE Sensex was down 227.86 points or 0.60% at 37,458.51.

On BSE, 1.12 lakh shares were traded in United Bank of India counter, compared to a 2-week average of 20,000 shares. The stock hit an intraday high of Rs 10.38 and an intraday low of Rs 9.49. It hit a 52-week high of Rs 13.25 on 1 January 2019 and a 52-week low of Rs 9.05 on 8 October 2018.

Total income rose 17.78% to Rs 3,003.13 crore in Q1 June 2019 over Q1 June18.

The bank's gross non-performing assets (NPAs) stood at Rs 11,639.74 crore as on 30 June 2019 as against Rs 12,053.38 crore as on 31 March 2019 and Rs 15,169.21 crore as on 30 June 2018.

The ratio of gross NPAs to gross advances stood at 15.89% as on 30 June 2019 as against 16.48% as on 31 March 2019 and 22.73% as on 30 June 2018.

The ratio of net NPAs to net advances stood at 8.19% as on 30 June 2019 as against 8.67% as on 31 March 2019 and 15.17% as on 30 June 2018.

The bank's provisions and contingencies fell 33.24% to Rs 571.65 crore in Q1 June 2019 over Q1 June 2018.

Provision coverage ratio of the bank was at 74.38% as on 30 June 2019.

The Current Account Savings Account (CASA) deposits at Rs 66981 crore further improved to 50.59% of total deposits with a growth of 6.42% year-on-year (Y-o-Y).

The bank's NIM also advanced by 47 bps to 2.83% in Q1 June 2019 over Q1 June 2018.

The bank's net interest income (NII) rose 33.4% to Rs 727.47 crore in Q1 June 2019 over Q1 June 2018.

United Bank of India's operations are classified into two business segments: treasury operations and banking operations; which include corporate/wholesale banking, retail banking and other banking operations.

Government of India holds 96.83% stake in United Bank of India as on 30 June 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 30 2019. 15:37 IST
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