Higher fee-based income saw United Bank of India posting a net profit of Rs 84 crore for the second quarter this year, against a loss of Rs 180 crore for the corresponding period last year.
According to a press statement issued by the bank, the fee-based income grew by about 151 per cent at Rs 123 crore (Rs 49 crore) while net interest income grew by 24 per cent to Rs 356 crore (Rs 286 crore). Operating profit of the bank increased by 120 per cent at Rs 217 crore (99 crore) and net non performing assets (NPA) declined at 1.3 per cent (2.06 per cent).
During the first half year of the current fiscal, the treasury income grew at Rs 89 crore, against a loss of Rs 21 crore in the first six months of the last financial year. Total business of the bank during the quarter under review grew by 41 per cent at Rs 1, 05,959 crore, deposits grew by 43 per cent at Rs 64,740 crore and advances grew by 38.7 per cent at Rs 41,219 crore. The capital adequacy ratio stands at 12.72 per cent.
The bank was likely to launch its Initial Public Offer (IPO) during the last quarter of the current fiscal, the CMD informed.
United Bank offers all the usual loans such as home loan, car loan, personal loan etc.