UBI Q1 net rises 31.3% to Rs 174 cr
Kolkata: United Bank of India (UBI) Friday posted a 31.3 percent increase in net profit to Rs 173.89 crore in the first quarter of 2012-13, against Rs 132.48 crore in the same period last year.
Announcing the results here Friday, UBI Chairman and Managing Director Bhaskar Sen said the operating profit of the bank increased 31 percent at Rs 546 crore compared to Rs 417 crore in the corresponding period last year.
He said advances increased by almost 20 percent to Rs 63,625 crore while deposits touched Rs 89,639 crore, up 16.3 percent over the corresponding period.
The bank's present capital adequacy ratio is comfortable to sustain 20 percent business growth for the next two years, he added.
The bank is weighing options like a follow-on public offer or approaching the government for funds, he said.
Net interest margin during the quarter stood at 3.05 percent.
Gross and net NPAs of the bank, however, witnessed a rise at 3.47 percent and 1.77 percent, respectively, compared to 2.89 percent and 1.67 percent in the corresponding period.
Sen said the rise was due to the ongoing economic slowdown.