United Bank of India reports Q3 net loss at Rs637 crore

SBI stock trading lower as bad loans rise in Q3

Public sector United Bank of India has reported a net loss of Rs 637.53 crore during third quarter ended December 2017 on dip in investment income and a substantial rise in NPA provisioning.

R Subramaniakumar, Managing Director & CEO, Indian Overseas Bank attributed the loss mainly due to high provisions for non-performing assets (NPAs).

"Bank has kept the consistency of giving good results particularly quarter on quarter basis". HDFC Bank reported an all-time high profit of Rs 4,642 crore for the quarter.

Total provision more than doubled to ₹4,899 crore, from ₹2,302 crore in the year-earlier period.

It had, in contrast, reported a net profit of Rs 2,152.14 crore for the October-December quarter of the last fiscal, 2016-17.

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Responding to a query, Kharat said, the bank was hoping that the issue of mark to market depreciation on investments would be a one quarter issue only and the bank has to adopt a wait and watch approach on it.

During same period of previous fiscal, the bank had registered a net profit of Rs64.10 crore. With lower interest reversals, rate cycle turning and capital raising/government infusion, we expect core PPOP trend to improve meaningfully from FY19F and we expect normalised ROEs of 12 per cent by FY20F. The management has guided for 10 per cent credit growth for FY19.

Reacting to the numbers, shares of the company opened at Rs 288 and slumped 3.85% to touch an intra-day low of Rs 285 in morning trade on the Bombay Stock Exchange.

On the other hand, provisions for NPA increased by 71.74% to Rs 4,373.06 crore in Q3FY18 versus provisions of Rs 2,546.20 crore a year ago the same period.

For the nine month period ending December 31, 2017, he said the NIM increased by 22.9 per cent to Rs 4,625.86 crore as against Rs 3,761.15 crore registered during corresponding period of a year ago.

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