UBI Q4 net dips, overall PAT up 74.5 per cent

KOLKATA: Public sector lender United Bank of India (UBI) today said its net profit decreased by 65.6 per cent to Rs 46.39 crore during the last quarter of the 2009-10 fiscal. (Watch)

The fall in last quarter's net profit was due to higher non-performing asset (NPA) provisioning and dip in treasury income, chairman and managing director of UBI Bhaskar Sen said.

He said the bank was worried about the asset quality and steps were being taken to reduce the NPAs.

For the full FY'10, net profit of the bank increased by 74.5 per cent to Rs 322.36 crore over the same period in the previous fiscal.

UBI, which announced its results today after the IPO in February 2010, clocked business worth Rs 1.10 lakh crore during FY'10. Sen said that the target for the current fiscal was Rs 1.40 lakh crore.

About capital raising plans, he said that the bank was expecting an infusion of Rs 250 crore from the government in FY'11.

Sen said that the bank would focus on the retail sector.