State-run United Bank of India on Monday reported a whopping 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, as its operating profit fell and provisions rose.
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 worsened further in the September quarter of the current fiscal. Gross non-performing assets (NPAs) in absolute term rose 15.8 per cent year-on-year to Rs 12,892.67 crore during the period under review. The bank’s gross NPA as a percentage of total loans rose to 18.8 per cent in the September quarter this fiscal from 16.26 per cent during the same period of the previous fiscal.
The bank’s operating profit saw a 34.5 per cent y-o-y dip to Rs 286 crore against Rs 436.59 crore in the year-ago period. FE