United Bank of India reports Q3 net loss at Rs 637 cr

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State-owned Bank of India reported a net loss of ₹2,341.23 crore in the three months ended December due to a rise in provision for bad loans and lower income from treasury operations. The subsequent difference in provisions was Rs 4,350 crore.

The best part was the net interest income which surged by 30.17 per cent, to Rs 1,622.70 crore for the quarter ending December 31, 2017, from Rs 1,246.57 crore registered for the quarter year ago period, he added. Public sector banks' (PSBs) write-off stood at Rs 27,231 crore in fiscal 2012-13, government data showed.

He said the net profits for the nine month period ending December 31, 2017 increased to Rs 1,127.01 crore from Rs 1,085.97 crore registered during corresponding period of previous year. Gross and net NPAs were higher at 16.93 and 10.29 per cent, respectively.

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A higher NPA ratio required the bank to keep aside Rs 964.07 crore as provision for the quarter, against Rs 494.52 crore it has kept aside for year ago third quarter.

Net interest income was down for the quarter at Rs 347.94 crore, as against Rs 360.98 crore. Besides BoI, the large losses include SBI's surprise loss of Rs 2,416 crore, Central Bank of India's Rs 1,664 crore loss, IDBI Bank's fifth straight quarterly loss of Rs 1,524 crore and UCO Bank's 9th straight quarterly loss of Rs 1,016 crore.

In absolute terms, gross NPAs were down 0.3 percent sequentially to Rs 9,595 crore but net NPAs increased 3 percent to Rs 4,898 crore in Q3.

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In all, it has to make Rs 394.13 crore of additional provisioning, of which Rs 262.75 crore is to be provided for during 2017-18.

The advance portfolio has expanded by about Rs384 crore mainly due to growth in MSME advance by 17.70% and growth in housing loan and vehicle loan segment by 23.63% and 31.31%, respectively.

Following the results, the stock fell 3.85 per to hit a low of Rs 285 on the BSE.

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This is unedited, unformatted feed from the Press Trust of India wire.

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