Markets

United Bank stocks jump nearly 17% post Q2 results

PTI New Delhi | Updated on October 31, 2019 Published on October 31, 2019

Shares of United Bank of India on Thursday skyrocketed nearly 17 per cent in early trade after the lender reported a net profit of Rs 123.88 crore for the September quarter.

Shares of the state-owned lender rose 16.40 per cent to Rs 10.36 apiece on the BSE. On the NSE, the scrip zoomed 16.85 per cent to Rs 10.05.

United Bank of India on Wednesday reported a net profit of Rs 123.88 crore for the September quarter on the back of substantially lower dud loans, leading to lower provisioning requirement. The Kolkata-headquartered bank had posted a net loss of Rs 883.17 crore in the July-September period of 2018-19.

Total income rose to Rs 3,013.74 crore in the September quarter, compared with Rs 2,600.47 crore earned in the corresponding period of the previous financial year, the bank said in a regulatory filing.

Published on October 31, 2019
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