Kolkata: United Bank of India on Monday said it had in the March quarter registered a net loss of Rs260.62 crore compared with a profit of Rs73.56 crore in the same period a year earlier because of higher provisioning towards non-performing assets (NPAs).
For the full year, the Kolkata-based lender reported a net loss of Rs1,454.44 crore compared with a profit of Rs219.51 crore in the previous year.
The bank’s profitability was impacted by a “spike in NPA provisioning by about 78% due to RBI’s revised framework on resolution of stressed assets", the lender said in a statement.
The bank said its operating profit for the March quarter at Rs132.9 crore was up 14.53% year-on-year. Net interest income for the quarter at Rs513.53 crore was up 2.31% over the same period last year.
United Bank’s shares closed 4.6% up on BSE on Monday at Rs11.84 each in a strong market.