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United Bank of India records Rs 105 crore profit in first quarter

The lender had recorded a net loss of Rs 388.68 crore during the first quarter of the previous fiscal year.

Published: 31st July 2019 08:25 AM  |   Last Updated: 31st July 2019 08:25 AM   |  A+A-

By Express News Service

State-run United Bank of India (UBI) on Tuesday reported a net profit of Rs 105 crore for the April-June quarter of this fiscal in the wake of rise in core income and fall in non-performing assets (NPAs).

The lender had recorded a net loss of Rs 388.68 crore during the first quarter of the previous fiscal year. Total income in the first quarter rose to Rs 3,003.13 crore from Rs 2,549.71 crore in the year-ago quarter, the Kolkata-headquartered lender said in a regulatory filing.

During the quarter, the bank’s interest income increased to Rs 2,374.39 crore from Rs 2,155.02 crore while income from other sources jumped to Rs 628.74 crore from Rs 394.69 crore in the year-ago quarter.

Further, net interest margin (NIM) increased by 47 basis points to 2.83 per cent in the first quarter from 2.36 per cent year ago, it said. NIM for the quarter rose to Rs 727.47 crore from Rs 545.30 crore year earlier.

It brought down its bad assets as the gross NPAs fell to 15.89 per cent of gross advances as on June 30, 2019.

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