United Bank registers a profit of Rs 43 cr in Q2

Kolkata-based United Bank of India today reported a net profit of Rs 43.80 crore for the second quarter of the current financial year.

The bank had reported a net loss of Rs 489.47 crore in the corresponding July-September period of 2013-14.

In the previous quarter of the current financial year, the bank had reported net profit of Rs 65.89 crore.

Total income fell slightly to Rs 2,835.36 crore during the period under review from Rs 2,876.77 crore in the comparable of the previous year, it said in a filing to the BSE.

Bank's gross non-performing assets (NPAs) or bad loans were 10.78 per cent of the total advances as of September quarter, up from 7.52 per cent in the year ago period.
 

Net NPAs were at 7.19 per cent, while it stood at 5.39 per cent during quarter ended September, 2013.

The bank trimmed the provisions towards bad loans to Rs 351.84 crore in the review period from Rs 987.35 crore in year ago quarter.

Last year, the government had initiated a probe into the bank for mis-reporting about its swelling bad assets.

The government holds 88 per cent stake in the bank.

Shares of the bank today closed at Rs 45.15 per scrip on the BSE, up 4.76 per cent from the previous close.