United Bank of India net spurts 38.5% in Q3

United Bank of India on Tuesday posted an increase of 38.5 per cent in net profit to Rs 226 crore for the third quarter ended December, 2011, compared with Rs163 crore recorded in the same period of last fiscal.

During the quarter, business of the bank stood at Rs 1,41,915 crore, with advances touching Rs 59,100 crore and deposits Rs 82,815 crore.

Net interest margin (NIM) during the quarter stood at 3.38 per cent as compared to 3.21 per cent in the corresponding period of last fiscal, said Mr Bhaskar Sen, Chairman and Managing Director, UBI.

Operating profits of the bank during the quarter under review stood at Rs 483.27 crore registering a rise of 25 per cent as compared to Rs 386.71 crore in the same period of last year.

Capital adequacy of the bank at the end of December 31, 2011 stood at 12.63 per cent, Mr Sen said.

Gross NPA of the bank as on December 2011 stood 3.28 per cent, while net NPA stood at 2.01 per cent.