SME Times - UBI Profit Dips 65.7 Percent in Q4, UBI Profit Dips in Fourth Quarter, UBI Profit Dips 65.7 Percent, UBI Profit Dips 65.7 Percent in Fourth Quarter

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SME Times News Bureau | 04 May, 2010
City-based United Bank of India (UBI) suffered 65.7 percent drop in net profit for January-March quarter of 2009-10 to Rs.46.39 crore from Rs.135 crore year ago.

"This drop happened due to rise in non-performing assets and fall in income from treasury operations," Bhaskar Sen, chairman and managing director, said here Monday.

The bank's income from treasury operations has gone down to Rs.37 crore during the quarter from Rs.137 crore year ago.

There has been significant rise in the bank's net non-performing assets of around Rs.144 crore during the period.

"Out of Rs.980 crore of slippage during the year (2009-10), close to Rs.480 crore happened during the fourth quarter (January-March) itself and we are taking steps to arrest further NPA generation by strengthening our recovery mechanism," Sen said during a press conference.