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United Bank of India is anticipating a moderation in growth rate this year on account of the present economic conditions, high interest rates and poor credit demand.
The bank plans to revise its credit growth target to 18 per cent against its earlier estimate of 20 per cent during the beginning of this fiscal, said its Executive Director, Mr S.L. Bansal.
Riding on the back of a higher net interest income, United Bank of India posted a 14 per cent rise in net profit at Rs 125 crore for the quarter ended September 30, 2011 against Rs 110 crore during the corresponding period last year.
Net interest income grew 18 per cent to Rs 623 crore. Net non-performing assets increased to 2.2 per cent (1.58 per cent).
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