United Bank of India back in black; posts Rs 95 cr profit for Jan-Mar

State-owned United Bank of India Monday reported a net profit of Rs 95.18 crore for the quarter ended March 2019 after seven quarters of consecutive losses.

The Kolkata-headquartered bank had reported a loss of Rs 260.62 crore in the January-March quarter of 2017-18.

The bank's total income also increased to Rs 2,948.05 crore in the last quarter of 2018-19 from Rs 2,635.69 crore in the same quarter of the previous fiscal, it said in a regulatory filing.

Gross NPAs of the bank declined to 16.48 per cent of the assets at end-March 2019, from 24.1 per cent at end-March 2018.

The net NPA too eased to 8.67 per cent of loans compared to 16.49 per cent at the end of fourth quarter of previous fiscal.

Net Interest Margin of the bank improved to 2.4 per cent in the fourth quarter of 2018-19.

The board has also approved raising equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutional Placement, public issue or rights issue ..