United Bank reports a slim 4 per cent rise in fourth quarter net profit
United Bank of India has reported a slim 4.2% rise in fourth quarter net profit at Rs 149 crore while its operating profit was up 12.4% at Rs 478 crore.
KOLKATA: United Bank of India has reported a slim 4.2% rise in fourth quarter net profit at Rs 149 crore while its operating profit was up 12.4% at Rs 478 crore.
Although the bank's net interest margin was reasonable good at 3%, its net interest income witnessed a modest 7.7% rise at Rs 619.14 crore during the quarter to March 31, 2012.
The Kolkata-based bank has now improved its a business mix of Rs 1.53 lakh crore, reflecting a 16% growth year-on-year. Bank chairman and managing director Bhaskar Sen said the business growth was reasonably well in comparison to industry peers.
The bank's gross Advances grew to Rs 63,873 crore, recording a 18.4% year-on-year rise while deposits rose 14.5% to Rs 89,116 crore.
Asset quality of the state-run lender slipped following an industry trend as the economy is going through a rough patch with slower industrial growth. As on March 31, 2012, its gross NPA sharply deteriorated to 3.41% as against 2.51% a year back. The net NPA ratio stood at 1.72% (1.42%).
The bank's capital adequacy ratio stood healthy at 12.69% as per Basel 2 norms.
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