Kolkata, Aug 9 (IANS) State-run United Bank of India (UBI) on Thursday reported a net loss of Rs 388.68 crore in the quarter ended June 30, up from Rs 211.47 crore reported in the year-ago period.
However, the lender's operating profit increased by 112.77 per cent on quarter-on-quarter (Q-o-Q) basis.
Its net interest margin stood at 2.36 per cent by the end of the first quarter of the current fiscal while the net interest income grew by 113.72 per cent on year-on-year (y-o-y) basis due to the increase in interest income by 3.94 per cent and reduction in interest expenditure by 11.46 per cent on y-o-y basis.
"However, the overall profitability has been affected owing to a spike in NPI and MTM provisioning by about 168.62 per cent and 195.78 per cent respectively on y-o-y basis due to adverse market scenario," it said in a statement.
Gross NPA and Net NPA ratio also reduced by 137 basis points and 132 basis points respectively, on Q-o-Q basis, it said.
Total reduction in NPAs during the quarter was about Rs 1,930 crore as against a decrease of Rs 456 crore during the corresponding quarter of the previous year.
Further, fresh slippage was Rs 547 crore in June '18 quarter as against Rs 1,669 crore in the year-ago quarter.
The lender said that its provision coverage ratio improved from 53.48 per cent to 56.91 per cent on Q-o-O basis.
The bank's total business was pegged at Rs 1,95,310 crore. The thrust area of advances in retail, agriculture, and MSME grew by 7.42 per cent on y-o-y basis while its housing and car loan segments registered a growth of 18.52 per cent and 19.63 per cent respectively on y-o-y basis.
The total deposits also registered an increase of 2.6 per cent on y-o-y basis whereas CASA deposits increased by 5.01 per cent on y-o-y basis. Saving deposits too increased by 7.28 per cent.
Under Basel III, the bank's capital adequacy ratio remained at 10.96 per cent with the Tier 1 capital at 8.05 per cent as on June 30.
This website uses cookies.
