United Bank net drops 21% on higher provisioning

Dragged down by higher provisioning, the Kolkata-basedUnited Bank of India (UBI) has reported an over 21 per cent dip in net profit to Rs. 52 crore for the quarter ended June 30, 2015. Net profit in the corresponding quarter last fiscal stood at Rs. 66 crore.

Provisioning increased by over 16 per cent to Rs. 494 crore for the quarter under review (Rs 425 crore in the year-ago-period). Total income too dipped 3.5 per cent to Rs. 2,897 crore.

Gross non-performing assets per cent improved to 9.57 per cent in the first three months of the current fiscal against 10.49 per cent in the year-ago period. Net NPA per cent too improved to 6.3 per cent (7.23 per cent).