United Bank of India net profit up 16%

Mumbai: Public sector lender Union Bank of India (UBI) has posted 16.19 per cent rise in net profit to Rs 352.52 crore for the second quarter ended September 30.

The bank had posted net profit of Rs 303.39 crore for the July-September quarter of 2010. The total income of the lender for the quarter rose to Rs 5,611.37 crore, from Rs 4,461.88 crore in the same period last fiscal, UBI said in a filing to the BSE today.

Durng the six months ended September 30, the bank's net profit fell 9.71 per cent to Rs 816.94 crore from Rs 904.81 crore in the same period in 2010-11, it said.

The total income during the first six months of the current fiscal rose to Rs 11,011.05 crore from Rs 5,582.63 crore in the same period last fiscal, it added.

Shares of UBI were trading at Rs 212.20, down 11.56 per cent from the previous close in the late afternoon trade on the BSE.

Source: Financial Express