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United Bank Q2 net up 16 percent

Posted on Oct 26, 10:37PM | IANS

State-run United Bank of India Friday announced a 15.91 percent increase in its net profit to Rs.144.63 crore for the quarter ended Sep 30, 2012, from Rs.124.77 crore for the same quarter a year ago.

The Kolkata-headquartered bank's interest income during the second quarter this fiscal stood at Rs.2,290.52 crore against Rs.1,939.50 crore in the corresponding period last fiscal, a jump of 18 percent.

Total income of the bank increased to Rs.2,532.39 crore for the period under review from Rs.2,101.51 crore during the corresponding period last year.

Advances of the bank for the half year ended September this year increased by 13.7 percent to reach Rs.62,340 crore over last year, while deposits were up by 18.7 percent to reach Rs.92,849 crore.

Bhaskar Sen, chairman and managing director, said the bank performed reasonably well during the half-year despite challenging economic scenario and achieved a total business of Rs.155,189 crore recording a year-on-year growth of 16.6 percent.

Capital adequacy ratio (CRAR) of the bank stood at 12.08 percent as on Sep 30, 2012. The Tier I capital was 8.46 percent and Tier II capital stands at 3.62 percent.

Gross NPA ratio stood at 3.88 percent, while the Net NPA Ratio of the bank stood at 1.95 percent.