United Bank of India Q1 Net Rises 47.3 Per Cent to Rs 65.89 Crore

Kolkata: United Bank of India (UBI) on Thursday reported a 47.3 per cent rise in net profit at Rs 65.89 crore for the quarter ended June 2014.. The lender had registered a net profit of Rs 44.73 crore for the corresponding period a year ago.. The aim of the bank now is to stabilise the recovery front after it suffered losses in the third quarter of last fiscal year due to bad loans, UBI executive director Sanjay Arya said while announcing the results in Kolkata on Thursday.. Cash recovery for the quarter stood at Rs 340 crore. For the full year, it was Rs 1,150 crore.. Gross NPA of the bank during the quarter was Rs 7,097 crore (or 10.49 per cent of total advances), while net NPA was Rs 4,666.54 crore, or 7.23 per cent.. Mr Arya said the lender is adequately capitalised to meet the Basel III norms, adding that it had received a capital infusion of Rs 275 crore during the quarter while LIC had given Rs 300 crore.. Total deposits of the bank at the end of June 2014 touched Rs 1,07,075 crore and advances at Rs 67,640 crore.. The bank would target retail advances while it would be more cautious on corporate lending, he said.. Interest income of the bank during the quarter increased 5.63 per cent at Rs 2,602 crore, while non-interest income was at Rs 401 crore.

United Bank of India Q1 Net Rises 47.3 Per Cent to Rs 65.89 Crore

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