United Bank of India net loss widens to Rs 8.8 billion; gross NPA rises

The gross NPA as a percentage of total lending stood at 22.69%, while net NPA stood at 14.36%

United Bank of India posted a net loss of Rs 8.83 billion for the quarter ended-September, against a net loss of Rs 3.44 billion in the year-ago period. Sequentially, too, its losses more than doubled to Rs 3.88 billion. The total provisions doubled to Rs 14.81 billion, against Rs 7.5 billion in the year-ago period.

The gross NPA as a percentage of total lending stood at 22.69 per cent, while net NPA stood at 14.36 per cent. In the year-ago period, it stood at 18.80 per cent, while net NPA was 11.63 per cent.

The bank’s capital adequacy ratio stood at 7.82 per cent. The bank has provided depreciation on investments of Rs 4.37 billion, and has spread MTM losses to the tune of Rs 1.59 billion in the subsequent quarters. The provision coverage ratio of the bank stood at 60.10 per cent at the end of the quarter.