New Delhi: State-run United Bank of India on Thursday posted a steep 77.7 percent fall in net profit at Rs 104.78 crore for the last quarter of 2014-15 financial year due to rise in bad loans.
The bank's net profit was Rs 469.36 crore during the January-March period of 2013-14.
Total income during the last quarter of 2014-15 increased by 2.58 percent to Rs 3,153.12 crore, United Bank of India said in a filing to BSE. Total income during the same quarter of previous fiscal stood at Rs 3,073.78 crore.
The net interest income also rose by 1.81 percent to Rs 711.01 crore.
"Bank could grow its Net Interest Income to Rs 711.01 crore in Q4, FY14-15, up 1.81 percent on year, primarily due to an efficient management of liabilities," the bank said.
Provisioning towards bad loans and contingencies shot up many-fold to Rs 687.15 crore in the last quarter of 2014-15 from Rs 73.59 crore in the year ago period.
On asset quality, bank's gross Non-Performing Assets (NPAs) during the quarter were 9.49 percent of the gross advances, down from 10.47 percent in the year ago period.
Net NPAs or bad loans stood at 6.22 percent of the net advances.
For the full fiscal 2014-15, the bank posted a net profit of Rs 256.24 crore against a loss of Rs 1,213.44 crore during 2013-14.
Total income during the fiscal was marginally up at Rs 11,927.39 crore in 2014-15, against Rs 11,806.16 crore in 2013-14, it added.
Shares of United Bank of India closed 0.18 percent lower at Rs 27.40 on BSE on Thursday.
