UBI Q1 net profit jumps 53%

The bank achieved a total business of Rs 1,11,377 crore,recording a y-o-y growth of 12 per cent.

Deposits soared to Rs 66,694 crore,registering 11.6 per cent growth,and the share of CASA (current account saving account) stood at 39.3 per cent,UBI chairman and managing director Bhaskar Sen told reporters today.

“The projected business turnover is Rs 1.30 lakh crore,” he said,adding that UBI performed reasonably well during the quarter.

The operating profit was up by 109.8 per cent to Rs 340.70 crore against Rs 162.43 crore for the quarter ended June 30,Sen said,adding that the advances also rose by 12.7 per cent to reach Rs 44,623 crore.

The UBI CMD said that net interest income increased by 93.2 per cent to Rs 508.57 crore from Rs 263.29 crore as on June 2009. Sen said that priority sector advances increased to Rs 14,400 crore as on June 30,from Rs 11,915 crore on June 30 last year.

Answering a question,Sen said there was no immediate plan to convert UBI’s representative office in Dhaka into a full-fledged branch.