The Hindu Business Line : UBI operating profit at Rs 194.73 cr

United Bank of India has posted an operating profit of Rs 194.73 crorefor the quarter ended December 31, 2006, up from Rs 131.94 crore recorded in the corresponding period last year. The profit before tax increased from Rs 72.61 croreto Rs 110.8 crore, a 52 per cent increase.

For the nine-month period ended December 2006, the net profit stood at Rs 231.84 crore against the full-year profit for fiscal 2005-06 of Rs 204.57 crore. On a year-on-year basis, post-tax profit has shown a 32 per cent growth.

The bank's net NPAs declined from 1.95 per cent in March last year to 1.47 per cent in December 2006. UBI, said Mr P.K. Gupta, CMD, hopes to record a significant increase in its business, markedly up from its target. The aim is to achieve a total business of Rs 1 lakh crore by March 2009, he added. UBI has managed to add 14 lakh new accounts in the past few months. The bank's thrust areas will include retail credit, it is pointed out. UBI intends to have over 200 branches under CBS by December 2007.

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