Public sector lender, United Bank of India has formed recovery hubs and has reduced non-performing assets (NPAs) by Rs 800 crore. Very soon another Rs 600 crore will be recovered. United Bank of India reported a loss of Rs 489.47 crore for second quarter ended September 30, 2013 on account of rise in NPAs. The bank is now focusing to reduce NPAs. For the quarter ending September 2013, the bank’s gross NPAs (till September 2013) increased by Rs 3,868 crore to approximately Rs 6,286 crore, a 160% rise from Rs 2,418 crore in same period previous year.
United Bank of India has reported a net loss of Rs 489.47 crore for the second quarter ended September 30, 2013 as compared to a net profit of Rs 144.63 crore for the same quarter in the previous year. However, total income of the bank has increased by 13.60% at Rs 2876.77 crore for quarter under review as compared to Rs 2532.39 crore for the quarter ended September 30, 2012.
