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Public sector lender United Bank of India reported a 59 per cent dip in net profit to ₹17 crore for the quarter ending December 31. The net profit for the corresponding period last year stood at ₹42 crore.
The total income of the bank also dipped, nearly 4 per cent to ₹2,828 crore (₹2,935 crore in Q3 FY15).
Provisioning fell about 12 per cent to ₹458 crore (₹520 crore).
The bank also saw a decline in fresh slippages, to ₹1,160 crore (₹1,622 crore).
Gross non-performing assets as a per cent of total loans improved to 9.57 (12.03), and net NPAs came in at 5.91 (8.50).
The bank plans to raise ₹1,000 crore as additional Tier-I capital under Basel-III norms for this fiscal (FY16).
UBI shares closed at ₹17, down 7.61 per cent, on the BSE on Thursday.
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