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United Bank of India Struggles as Q1 Net Loss Stood at Rs. 211 Crores

August 16, 2017

United Bank of India Struggles as Q1 Net Loss Stood at Rs. 211 Crores

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.

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