United Bank of India reported a net profit of Rs 113.56 crore in Q3 December 2019 (Q3 FY20) as against net loss of Rs 1139.25 crore in Q3 December 2018 (Q3 FY19).
Pre-tax profit of the bank in the December quarter stood at Rs 129.34 crore as against a pre-tax loss of Rs 1584.56 crore in Q3 FY19. Total income rose 4.4% to Rs 2971.38 crore in Q3 FY20 over Q3 FY19.
Net interest income (NII) increased by 116% to Rs 819.43 crore in Q3 FY20 as compared to Rs 380.04 crore recorded in the same quarter last fiscal. Net interest margin (NIM) increased to 2.98% in 03 FY20 from 2% in Q3 FY19.
Cost to income ratio improved to 53.85% in Q3 FY20 as against 66.96% in Q3 FY19.
Gross non-performing assets (NPAs) stood at Rs 11456.79 crore as on 31 December 2019 as against Rs 11544.19 crore as on 30 September 2019 and Rs 14737.61 crore as on 31 December 2018.
The ratio of gross NPAs to gross advances stood at 15.48% as on 31 December 2019 as against 15.51% as on 30 September 2019 and 21.27% as on 31 December 2018.
The ratio of net NPAs to net advances stood at 8.56% as on 31 December 2019 as against 7.88% as on 30 September 2019 and 12.08% as on 31 December 2018.
Provisions and contingencies fell 74.2% to Rs 507.58 crore in Q3 FY20 from Rs 1967.20 crore Q3 FY19.
Provision coverage ratio (PCR) improved to 74.19% as on 31 December 2019 against 65.23% as on 31 December 2018.
United Bank of India is a public sector bank. The Government of India held 97.41% stake in the bank as on 31 December 2019.
Shares of United Bank of India were down 0.23% at Rs 8.71. It has traded in the range of Rs 8.64 and Rs 9.05 so far during the day.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)