The United Bank of India today reported a net profit of Rs 163.14 crore, up by 33.9 per cent over the previous quarter in the corresponding period.
UBI Chairman and Managing Director Bhaskar Sen said the net interest income was higher by 59.7 per cent during the quarter at Rs 559.74 crore.
Net Interest Margin for the bank during the quarter increased to 3.20 up from 2.14 per cent in the corresponding period last year.
Total interest earned during the quarter was Rs 1,630.97 crore.
Under its expansion plan, the bank will open another regional office after recently adding Chandigarh and Raipur, Sen said.
The bank will open 57 branches across the country during the fiscal. The bank will open 26 central processing centre-retail hubs, UBI executive director S L Bansal said.
The new branches helped the bank to improve its CASA (current account savings account) ratio and decreased the cost of deposit to 5.57 per cent.
Meanwhile, the bank planned to convert its representative office in Dhaka to a branch in future, Sen said.
The total pension and gratuity liability of the bank will be Rs 775 crore and it hoped to amortise it in the next five years.
