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United Bank of India Struggles as Q1 Net Loss Stood at Rs. 211 Crores
August 16, 2017
Citing a rise in Non-Performing Assets and increased provisioning, state-owned Union Bank of India (UBI) reported a net loss of Rs. 211.46 crore during the first quarter of the current fiscal. It had reported a net loss of Rs. 38.32 crore during the same quarter of the last fiscal.
As reported by the UBI, the total income has marginally increased on “year-over-year” basis from Rs. 2,819 crores to Rs. 2,852 crores for the same quarter. On the other hand, Non-Performing Assets have increased greatly from 14.29% to 17.17% during the same quarter.