Kolkata, Dec 04: United Bank of India (UBI) has posted a 24 times increase in its net profit at Rs 148 crore for the half year ended September 30, ‘02 as against Rs 6 crore in the corresponding period of the previous fiscal. Interest income from advances, additional treasury income coupled with a significant drop in operating expenses have contributed to the large increase. Last year, the bank’s half yearly net profit was low on account of VRS and other arrear payments. The total business of the bank crossed the Rs 28,000 crore mark in the first six months of the current year.
Addressing newspersons here on Tuesday, Madhukar, chairman, UBI said, “The bank was able to register a turnaround in its profits after clearing all its arrear dues and payments of around Rs 281 crore. The bank’s strength was evident with it showing a Rs 148-crore profit in six months compared to Rs 129 crore for the whole of ‘01-02.”
The significant increase in the first six months this year was on account of an additional Rs 35 crore from treasury operations over the corresponding period last year (Rs 77 crore as on September ‘02 against Rs 42 crore in September ‘01), along with an additional Rs 52 crore as interest income from advances (Rs 367 crore as on September ‘02 against Rs 315 crore as on September ‘01). The bank was able to reduce its operating expenses from Rs 333 crore as on September ‘01 to Rs 281 crore on September ‘02. Bureau Report