United Bank of India has extended losses and hit a new low of Rs 23.40 today after the chairperson and managing director Archana Bhargava took a voluntary retirement. Her resignation comes at a time when the state-run lender is saddled with losses and rising non-performing assets.
The state-owned bank registered a net loss of Rs 1,238 crore for the third quarter ended December 31, 2013 (Q3), due to higher provisioning for bad loans. The state-owned lender had profit of Rs 42 crore in a year ago quarter.
Its gross NPA as a percentage of advances, increased to 10.82% from 4.42%, while net NPA rose to 7.44% from 2.22% during the quarter under review.
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