United Bank of India bad loans decline, profit rises to Rs 74 crore in Q4

State-owned United Bank of India on Friday reported a profit of Rs 73.56 crore for the quarter ended March as provision for bad loans declined. In contrast, the bank had reported a loss of Rs 413.04 crore in the same period a year ago.

The Kolkata-based lender earned a total income of Rs 2,672.88 crore in the March quarter, lower than Rs 2,752.35 crore in the year ago period.

The provisions declined significantly to Rs 42.48 crore from Rs 292.07 crore in the year ago period even as gross NPA ratio moved up to 15.53% from 13.26%, United Bank of India said in a statement. Its net NPAs rose marginally to 10.02% as against 9.04% at the end of March 2016.

The Net Interest Income rose to Rs 501.94 crore in the quarter as against Rs 405.45 crore in the same period a year ago. For full 2016-17 fiscal, the bank posted a net profit of Rs 219.51 crore as against loss of Rs 281.96 crore in the preceding fiscal.

Total income rose to Rs 11,614.53 crore in the reported fiscal as against Rs 11,404.20 crore in 2015-16 fiscal.