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United Bank of India has surged 8% to Rs 37.70 after reporting an over ten-fold jump in net profit at Rs 469 crore for the quarter ended March 31, 2014 (Q4), on the back of cash recovery and lower provisioning towards bad loans. The state-owned bank had reported a profit of Rs 31 crore in the same quarter last year.
Net interest income, the difference between interest earned and paid, grew 23.7% year-on-year to Rs 698 crore in the quarter, United Bank of India said in a statement.
The bank’s gross non-performing assets (NPAs), as percentage of total assets, declined to 10.47% in March quarter from 10.82% at the end of December quarter. Net NPAs declined in the March quarter to 7.18%, down from 7.44% three months earlier.
The bank’s capital adequacy ratio (CAR), a measure of bank’s financial strength expressed as a ratio of capital to risk-weighed assets, has improved to 9.81% at the end of March under international Basel III banking norms from 9.01% three months earlier.
The stock opened at Rs 37.30 and hit a high of Rs 38.10 on the BSE. A combined 3.3 million shares changed hands on the counter in early morning deals on the BSE and NSE.
Net interest income, the difference between interest earned and paid, grew 23.7% year-on-year to Rs 698 crore in the quarter, United Bank of India said in a statement.
The bank’s gross non-performing assets (NPAs), as percentage of total assets, declined to 10.47% in March quarter from 10.82% at the end of December quarter. Net NPAs declined in the March quarter to 7.18%, down from 7.44% three months earlier.
The bank’s capital adequacy ratio (CAR), a measure of bank’s financial strength expressed as a ratio of capital to risk-weighed assets, has improved to 9.81% at the end of March under international Basel III banking norms from 9.01% three months earlier.
The stock opened at Rs 37.30 and hit a high of Rs 38.10 on the BSE. A combined 3.3 million shares changed hands on the counter in early morning deals on the BSE and NSE.
