State-owned United Bank of India today reported a net loss of Rs 260.62 crore for the fourth quarter ended March 2018 due to high non-performing assets (NPAs).
The Kolkata-headquartered bank had reported a profit of Rs 73.56 crore in the January-March quarter of 2016-17.
The bank's total income was Rs 2,635.69 crore in the fourth quarter of the last fiscal, a marginal decline from Rs 2,672.88 crore in the similar quarter in the year-ago period, it said in a regulatory filing.
The gross NPAs of the bank stood at 24.1 per cent of the assets at end-March 2018, up from 15.53 per cent at end-March 2017.
Similarly, the net NPA jumped to 16.49 per cent of loans compared to 10.02 per cent at the end of March 2017.
The bank set aside Rs 1,384.95 crore towards provisions and contingencies in the fourth quarter of the last fiscal, significantly higher than Rs 1,059.36 crore in the year-ago period.
Shares of United Bank of India closed 4.59 per cent higher at Rs 11.84 apiece on the BSE today.
Disclaimer: No Business Standard Journalist was involved in creation of this content
