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UBI’s bad loan woe deepens

Calcutta, Feb. 7: Public sector lender United Bank of India (UBI) today reported a loss of Rs 1,238.08 crore for the third quarter ended December 2013 on account of rising bad assets.

Losses at the end of the September quarter stood at Rs 489.47 crore, which had prompted the Reserve Bank of India to initiate an audit into the accounts of the bank. The bank had earned a net profit of Rs 42.20 crore at the end of the December quarter of 2012-13.

The net interest income of the bank increased around 20 per cent to Rs 760.76 crore during the period under review against Rs 634.13 crore a year ago.

Gross non-performing assets (NPAs) rose to double digits to 10.82 per cent of assets against 7.52 per cent in the September quarter and 4.42 per cent in the corresponding third quarter a year ago. Net NPA rose to 7.44 per cent against 2.22 per cent a year ago.

Provisions and contingencies increased to Rs 1,857.83 crore in the third quarter from Rs 450 crore a year ago.

 
 
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