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United Bank net loss at RS 345 crore

14 November 2017

State-run United Bank of India (UBI) on Monday reported a net loss of Rs 344.83 crore for the second quarter ended September 30 against a net profit of Rs 43.53 crore for the corresponding period a year ago.

GAIL, which owns the biggest natural gas pipeline network in the country, earned Rs 853.48 crore pre-tax profit from gas transmission business in the quarter as compared to Rs 660.74 crore past year.

Total expenses during the period were Rs12,354.92 crore against Rs8,186.11 crore in the year ago quarter.

Bank of Baroda said it made provision of 20 per cent on secured sub-standard advances which is higher than the regulatory requirement of 15 per cent.

"Due to change in appropriation of recovery in NPA accounts, additional income of Rs 93 crore has been recognised during the quarter ended September", it added.

Steve Jurvetson out at DFJ, VC firm he helped found
Jurvetson, a high-profile investor in Silicon Valley, has served on the boards of Tesla and SpaceX for several years. In a statement Monday, the company said Jurvetson was leaving by "mutual agreement", but did not disclose a reason.

The bank's asset quality worsened further in the September quarter of the current fiscal.

Revenue fell by about one per cent to Rs 12,409.65 crore.

Its second half losses thus stood at Rs. 556.3 crore against the Rs. 81.89 crore net profit a year earlier.

Shares of Bata today settled at Rs 783.30 on BSE, down 0.68 per cent from previous close.

United Bank net loss at RS 345 crore