UBI back in black after 7 quarters of losses

After making losses for seven consecutive quarters, city-based United Bank of India (UBI) registered a net profit of Rs 95.18 crore in the last quarter of 2018-19, a bank statement said on Monday.

The total business of the bank crossed Rs 2 lakh crore at the end of March 2019.

Operating profit of the bank was Rs 540 crore in the last quarter as against Rs 383 crore in the corresponding period last fiscal, the statement said.

Net interest margin (NIM) of the bank stood at 2.43 per cent.

The bank's net interest income increased to Rs 1975 crore in the full fiscal as against Rs 1493 in the previous financial year.

Stressed assets position of the bank improved with GNPA andPA at 16.48 per cent and 8.67 per cent respectively as on March 31, 2019, the statement added.