UBI posts Rs 344.83 crore net loss in Q2

UBI posts Rs 344.83 crore net loss in Q2

"As a result of continued focus on value added products and efficiencies in cost structure, net profit for the quarter ended September 30, 2017 of Rs 42.9 crores has increased by 24 per cent over the corresponding period a year ago", the company said in a statement.

Revenue from operation of the company jumped 2.64 per cent year-on-year to Rs 12,409.65 crore during the quarter under review against Rs 12058.48 crore in the same quarter last year.

The company said the results for the period are not comparable as it include the financials of Aditya Birla Nuvo Ltd (ABNL) and its subsidiaries post its merger with effect from 1 July 2017.

The bank's gross NPA as a percentage of total loans rose to 18.80 per cent in the September quarter of this fiscal from 16.26 per cent during the same period in the previous fiscal.

"In compliance with RBI". Income from other sources were up 11.20 per cent to Rs 1,737 crore.

The total business of the bank stood at Rs 9.71 lakh crore as on September 30, 2017 as against Rs 9.22 lakh crore in the year ago period, up 5.30 per cent.

The company's stock closed 7.94 per cent up at Rs 154.95 apiece on BSE today.

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