United Bank of India reports net loss of Rs 345crore in Q2

NEW DELHI: State-owned United Bank of India on Monday reported a net loss of Rs 344.83 crore for the quarter ending September as provisioning for bad assets spiked substantially on mounting bad loans. The bank had registered a net profit of Rs 43.53 crore in the corresponding July-September quarter of 201617. The bank had reported a loss of Rs 211.46 crore in the first quarter of 2017-18. The gross non-performing assets (NPAs), as a percentage of gross loans as on September 30, 2017, hit 18.80 per cent from 16.26 per cent by the end of September 2016, the bank said in a regulatory filing. In value terms, gross NPAs or bad loans were Rs 12,892.67 crore at September-end 2017-18, as against Rs 11,134.47 crore in same period year ago. Net NPAs were 11.63 per cent (Rs 7,279.64 crore) of the net advances, up from 11.19 per cent (Rs 7,185.23 crore).The bank's provisioning for bad assets increased to Rs 876.15 crore for the second quarter of this fiscal against Rs469.41 crore year earlier. -Agencies