A recent press report said that the Shareholders of United Bank of India (UBI) have approved a dividend Rs 2.20 a share at the bank’s second annual general meeting.
UBI chairman and managing director Mr.Bhaskar Sen told the shareholders that the bank is comfortably placed after it received fresh capital of Rs. 558 crore from the government in two phases during 2010-11. He said that the bank’s capital position is comfortable and it is on track to implement Basel-III, as and when it is made applicable by the regulator, the Reserve Bank of India.
Reports said that the bank received Rs 250 crore in the form of perpetual non-cumulative preference shares and Rs 308 crore in the form of equity. As a result, the government’s holding has risen to 85.48 % in UBI.
Reports added saying that the total business of the bank as on March, 31, 2011 stood at Rs 1.32 lakh crore. It reported an annual net profit of Rs 524 crore in 2010-11, risen 62.5% over Rs 322 crore in the preceding fiscal. Its operating profit stood at Rs 1507 crore, 72% more than last year’s Rs 875.85 crore.
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