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First quarter net up 25%

Our Bureau

Kolkata, July 25 United Bank of India (UBI) proposes to start marketing of gold coins for which the Reserve Bank of India approval is being sought.

Giving this information here on Tuesday, the Chairman-cum-Managing Director, Mr P.K. Gupta, said that the bank’s board at its meeting on Monday approved the scheme.

“Arrangements are being finalised with gold coins supplier to market the coins on consignment basis and we’ve identified 50 branches for the purpose,” Mr Gupta said.

“To augment non-interest income, the bank will continue to leverage its network for distribution of third party products such as bankassurance, mutual funds and government business and the new initiatives such as cash management and depository services are at final stages of launch,” he said.

Briefing newspersons about the banks’ results in the first quarter of the current fiscal, Mr Gupta said net profit amounted to Rs 88.21 crore (Rs 70.35 crore), thus posting 25.4 per cent growth on a total business of Rs 61,112 crore.

On year-on-year basis, the total business during the period under review showed a growth of 32 per cent and deposits stood at Rs 38,380 crore, up by 28.2 per cent, and advances were at Rs 22,732 crore, up by 38.9 per cent. The credit-deposit ratio improved to 59.2 per cent (54.7 per cent).

The bank’s capital adequacy in end June improved to 13 per cent from 12.02 per cent in end March and the Tier I capital accounted for 7.12 per cent and Tier II 5.88 per cent.

The bank raised Rs 575 crore by way of Upper Tier II bonds in the first quarter of the current fiscal.

More Stories on : Public Sector Banks | Strategy | Gold & Silver

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