Kolkata, Oct 20 (IANS) The United Bank of India (UBI) has posted a net profit of Rs.1.6 billion during the first half of the current financial year.
The bank showed an increase of 56.1 percent profit over the Rs.1.03 billion net profit recorded in the same period previous fiscal.
P.K. Gupta, chairman and managing director, UBI, said the increase was due to a decline in provisioning requirements and a rise in non-interest income other than treasury.
The bank's overall interest income increased 16.3 percent from Rs.11.43 billion in the previous first half to Rs.13.29 billion in the current H1.
UBI's total income increased 5.9 percent at Rs.14.56 billion against Rs.13.75 billion of the previous first half.
It's gross non-performing assets ratio declined from 5.93 percent in the previous first half to 4.37 percent in the current H1 and its capital adequacy ratio was 13.37 percent.
Gupta said the bank will explore the option of floating an IPO after its capital was restructured. The bank's total business - deposits and advances - increased 24 percent Rs.488 billion. The target for the whole year is Rs.550 billion.