The net profit of United Bank of India during the second quarter of FY11 increased 31 per cent at Rs 109.74 crore over the corresponding period last fiscal.
Advances during the quarter increased 13.7 per cent at Rs 46,850 crore and deposits at Rs 69,046 crore, clocking a rise of 6.7 per cent over the same period last fiscal.
Chairman and managing director of UBI Bhaskar Sen said that net interest margin (NIM) during the quarter stood at 3.04 per cent, compared to 2.10 per cent in the corresponding quarter last fiscal.
Sen told reporters here today that the NIM level was sustainable for the rest of the fiscal.
He said that the bank was targetting a business of Rs 1.38 lakh crore for the full year, with Rs 80,000 crore from deposits and Rs 58,000 crore as advances.
Sen said that the bank was aiming at a 20 per cent year- on-year growth in advances and 18 per cent in deposits.
Operating profit of the bank increased 63.7 per cent to Rs 354.55 crore, as against Rs 216.65 crore in the previous corresponding quarter.
