United Bank of India posts profit in Q4, after seven quarter of losses

KOLKATA: After making losses for seven consecutive quarters, city-based United Bank of India (UBI) registered a net profit of ?95.18 crore in the last quarter of 2018-19, a bank statement said on Monday.

The total business of the bank crossed ?2 lakh crore at the end of March 2019.

Operating profit of the bank was ?540 crore in the last quarter as against ?383 crore in the corresponding period last fiscal, the statement said.

Net interest margin (NIM) of the bank stood at 2.43%.

The bank’s net interest income increased to ?1975 crore in the full fiscal as against ?1493 in the previous financial year.

Stressed assets position of the bank improved with GNPA and NNPA at 16.48% and 8.67% respectively as on 31 March, 2019, the statement added.

This story has been published from a wire agency feed without modifications to the text.

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