UBI posts Rs 344.83 crore net loss in Q2

UBI posts Rs 344.83 crore net loss in Q2

BASF India today reported a turnaround with net profit of Rs 172.91 crore in the September quarter due to new product launches in agricultural solutions business and volume growth in other segments.

The lender had posted a net loss of Rs 211.46 crore for the first quarter of the current fiscal.

Gross non-performing assets (NPAs) in absolute terms rose 15.8 per cent year-on-year at Rs 12,892.67 crore during the period under review. During the quarter ended September, 2017, the bank had made a provision of Rs 162.94 crore under Insolvency and Bankruptcy Code (IBC).

The construction firm recently got an order from the government to redevelop 10 railway stations with airport-like amenities at a cost of Rs 5,000 crore. "Remaining Rs 325.89 crore will be provided in next two quarters as permitted under RBI directions", the bank said.

Revenue of the company was down 33 percent at Rs 1,300 crore versus Rs 1,947.9 crore.

Total income fell to Rs 1,363.41 crore in the second quarter of this fiscal from Rs 1,572.63 crore in the corresponding period of the previous year.

Shares of the company settled 0.26 per cent up at Rs 456.45.

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