State-run United Bank of India on Thursday reported a net profit of Rs 73.56 crore for the quarter ended March 31, compared with a net loss of Rs 413.04 crore for the same period a year ago. The lender's total income in the quarter under review fell by close to 3 per cent year-on-year (y-o-y) to Rs 2,672.88 crore from Rs 2,752.35 crore in the year-ago period, but its net interest income (NII) during the period grew by 23.8 per cent y-o-y at Rs 501.94 crore.
The city-headquartered bank's tax write-back nearly doubled to Rs 1,016.88 crore for the March quarter of the last fiscal from Rs 515.06 crore for the corresponding period previous fiscal, the bank said in a regulatory filing. In the three months ended March, the bank's gross non-performing assets (NPAs) in absolute term rose 15.64 per cent y-o-y to Rs 10,951.99 crore from Rs 9,471.01 crore for the corresponding period in the previous fiscal. Gross NPA as a percentage of total loans rose to 15.53 per cent in the quarter from 13.26 per cent during the same period previous fiscal.