1 min read.Updated: 07 May 2015, 10:25 PM ISTManish Basu
Provision towards bad loans pared profitability
Kolkata: United Bank of India on Thursday said that its net profit for the quarter ended March declined 77.6% to ₹ 104.78 crore compared with a year-ago period as provision towards bad loans pared profitability.
The Kolkata-based lender put aside ₹ 120 crore towards potential bad loans as against a ₹ 35-crore write back of provisions a year ago. Gross non-performing assets, a measure of a bank’s loan book health, was down to 9.49% at the end of March from 12.03% a year earlier.