United Bank Q3 operating profit at Rs 182 crore
Public-sector lender United Bank of India has declared an operating profit of Rs 181.53 crore for the third quarter of FY18. According to a company statement, total business as of December 2017 stood at Rs 1,93,829 crore. Net profit for the quarter, though, turned negative at Rs 637.53 crore. In the year-ago period, the bank had registered a net profit of Rs 64.10 crore.
Total income of the bank was reported at Rs 2,483.01 crore during October-December 2017 against Rs 3,086.06 crore in the same period of FY17. “CASA share continues to be high at 47.19 per cent as on December 31, 2017,” it added.
The Kolkata-headquartered bank said its MSME and retail advances grew 17.7 per cent and 13.5 per cent, respectively, in the quarter under review. The lender reported a 54.35 per cent increase in credit to deposit ratio in the
December 2017 quarter compared to 53.15 per cent in the year-ago period.
While net interest income for the quarter was down marginally at Rs 347.94 crore against Rs 360.98 crore a year ago, the bank managed to bring down interest expenditure by 13.31 per cent.
“Owing to a drop in trading profit (Rs 375 crore), growth in depreciation on investments (428 per cent) on account of unfavourable market conditions and spike in NPA provisioning by about 95 per cent (Rs 470 crore) during the same period, the overall profitability has been adversely affected,” it added.