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United Bank net loss at RS 345 crore

United Bank net loss at RS 345 crore

United Bank of India (UBI) ended the second quarter with a Rs. 344.8 crore loss against a Rs. 43.5 crore net profit a year earlier. The company announced expenses for the quarter reduced 2 per cent to Rs 10,775 crore as compared to corresponding period last fiscal.

Gross non-performing assets (NPAs) in absolute terms rose 15.8 per cent year-on-year at Rs 12,892.67 crore during the period under review.

GAIL, which owns the biggest natural gas pipeline network in the country, earned Rs 853.48 crore pre-tax profit from gas transmission business in the quarter as compared to Rs 660.74 crore past year.

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Also, the bank said it made an additional provision of Rs 22.06 crore in respect of standard advances to stressed sectors of the economy. "Remaining Rs 325.89 crore will be provided in next two quarters as permitted under RBI directions", the bank said.

ET Now poll had predicted net profit of Rs 1,220 in Q2FY18. Income from other sources were up 11.20 per cent to Rs 1,737 crore. The company had posted a net profit of Rs1,089.63 crore during the same period previous fiscal, Grasim Industries said in a stock exchange filing.


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