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    United Bank stocks jump nearly 17% post Q2 results

    Synopsis

    United Bank of India on Wednesday reported a net profit of Rs 123.88 crore for the September quarter.

    New Delhi: 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.

    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.

    The shares of the bank closed 13.71 per cent higher at Rs 10.12 on BSE.
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