United Bank of India fell 5.73% to Rs 18.10 at 9:22 IST on BSE after the bank reported net loss of Rs 413.04 crore in Q4 March 2016 compared with net profit of Rs 104.52 crore in Q4 March 2015.
The result was announced after market hours yesterday, 17 May 2016.Meanwhile, the S&P BSE Sensex was down 170.09 points or 0.66% at 25,603.52.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 16,000 shares in the past two weeks. The stock hit a high of Rs 18.30 and a low of Rs 17.50 so far during the day. The stock had hit a record low of Rs 16.80 on 11 February 2016. The stock had hit a 52-week high of Rs 26.45 on 3 August 2015.
The small-cap state-run bank has equity capital of Rs 839.52 crore. Face value per share is Rs 10.
The bank's gross non-performing assets (NPAs) stood at Rs 9471.01 crore as on 31 March 2016 as against Rs 6721.53 crore as on 31 December 2015 and Rs 6552.91 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 13.26% as on 31 March 2016 as against 9.57% as on 31 December 2015 and 9.49% as on 31 March 2015. The ratio of net NPAs to net advances stood at 9.04% as on 31 March 2016 as against 5.91% as on 31 December 2015 and 6.22% as on 31 March 2015. The increase in slippages on sequential basis is due to economic slowdown and also as a part of Assets Quality Review (AQR) as advised by the Reserve Bank of India (RBI). The central bank has advised banks to revise asset classification/provision in respect of certain advances over two quarters ending Q4 March 2016.
The bank's provisions and contingencies rose 73.6% to Rs 1173.43 crore in Q4 March 2016 over Q4 March 2015. The provision coverage ratio stood at 53.36% as on 31 March 2016.
United Bank of India announced that it has allotted 23.24 crore equity shares of Rs 10 each for cash at an issue price of Rs 20.65 per equity share to Government of India on preferential basis against capital infusion of Rs 480 crore.
The GoI held 82% stake in United Bank of India as per the shareholding pattern as on 31 March 2016.
Powered by Capital Market - Live News
