The Hindu Business Line : United Bank H1 operating profit up at Rs 336 crore

UNITED Bank of India posted 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 Rs 156 crore (Rs 238 crore). The bank management would attribute the dip 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 dip. The trading profit from investment at Rs 131 crore (Rs 116 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.

On year-to-year basis, the growth will come to about 16.9 per cent. During the same period, the growth of retail credit at Rs 1,370 crore (Rs 770 crore) showed 43 per cent growth.. Priority sector advance amounted to Rs 3,588 crore (Rs 2,892 crore). Total advance at Rs 10,006 crore (Rs 7,564 crore) showed a growth of 18.8 per cent.

On year-to-year basis, the growth would come to about 32.2 per cent.

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.