United Bank H1 operating profit up
By Our Banking Bureau | 20 Nov 2004
Kolkata: United Bank of India registered an operating profit of Rs 336 crore in the first half of the current fiscal as compared with Rs 276 crore in the same period of 2003-04, registering 22 per cent growth.
The pre-tax net profit during the period declined to Rs156 crore (Rs238 crore). The bank management attributed this to higher provision for depreciation on investment.
While the interest income from advances at Rs 383 crore (Rs 328 crore) showed 18 per cent growth during the first half, that from investment at Rs 643 crore (Rs 650 crore) showed a marginal drop. The trading profit from investments at Rs 131 crore (Rs116 crore) however showed a small growth.
The bank's low-cost deposit at Rs 11,043 crore (Rs 9,444 crore) during the period showed 9.8 per cent growth.
Both the gross NPAs at Rs 761 crore (Rs 970 crores) and net NPAs at Rs 270 crore (Rs 410 crore) showed significant decline while cash recovery as well as total recovery during the period under review showed improvement.
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