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United Bank of India has posted a 22 per cent growth in net profit to Rs 132 crore for the quarter ended June 30, 2011, against Rs 108 crore during the corresponding period last year.
Mr S.L. Bansal, Executive Director, United Bank, said the rise in profits was mainly on account of an increase in fee-based income.
Fee-based income grew 40 per cent to Rs 170 crore. “Our fee-based income has posted a good growth on account of shadow balance recovery and a rise in treasury income,” Mr Bansal told Business Line.
Net interest income rose 12 per cent to Rs 569 crore. The bank’s net interest margin (NIM) improved to 3.03 per cent (2.96 per cent) during the period under review. “We hope to maintain a NIM of three per cent during this year,” he said.
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