Press Release
Date: 30th October 2009
Performance highlights for the half-year ended 30th September, 2009
United Bank of India has crossed business level of 1 Lakh Crore and is the first eastern region based bank to accomplish the status of 100% CBS Bank.
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Total business increased to Rs 1.06 lakh crore with a growth of 41.4% on y-o-y basis.
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Deposits grew by 43.1% on y-o-y basis to reach Rs 64740 Crore.
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Advances registered a robust growth of 38.7% on y-o-y basis reaching Rs 41219 Crore.
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Operating profit of Rs 379.07 crore during April-September 2009 increased by 95% on y-o-y basis
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Operating profit of Rs 216.66 crore during Q2 of 2009-10 increased by 120% on y-o-y basis
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Capital Adequacy Ratio (CRAR) stood at 12.72% as on 30th September 2009
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CD Ratio stood at 63.7% as on September 30, 2009
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MSME Advances grew by 79.7% reaching Rs 5697 Crore as on September 30, 2009, Agriculture Advances increased to Rs 4290 Crore registering a growth of 27.0%,
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Net NPA fell sharply to 1.30 % as on September 30, 2009 from 2.06% as on September 30, 2008
Details of the Performance
The Board of Directors of the Bank has today taken on record the Financial Results of the Bank for the Half year ended September 30, 2009. Sri S. C. Gupta, Chairman & Managing Director of the Bank informed that the Bank performed exceptionally well during the first half of the present fiscal in comparison to its industry peers and achieved a Total Business of Rs 105959 Crore recording a y-o-y growth of 41.4%. The Deposits soared to Rs 64740 Crore registering an annualized growth of 43.1%. The share of CASA stood at 34%. The Savings Bank deposits and Current Deposits increased to Rs 17099 Crore and Rs 4891 Crore respectively with y–o-y growth of 23.2% and 27.6%.
The Net Profit of the Bank stood at Rs 154.11 crore during the first half of 2009-10 as against Rs 184.71 crore during the full year 2008-09. During the current financial year, in the second quarter the Net Profit was Rs 83.83 crore up from Rs 70.28 crore in the first quarter.
Bank’s Interest Income during the second quarter of 2009-10 increased by 22.5% on y-o-y basis to reach Rs 1321.06 crore. During July-September 2009, the Non-Interest Income was Rs 123.36 crore which grew by 153% on y-o-y basis. During the second quarter of 2009-10 the Operating Profit of the Bank increased to Rs 216.66 Crore as against Rs 98.57 Crore during the same period last year thereby registering a growth of 120%.
Capital Adequacy Ratio (CRAR) at 12.72% as on 30th September, 2009 has increased from 12.03% an year ago while the Tier I CRAR has increased from 6.59% to 7.40% during the same period.
As on 30th September 2009 the gross Advances increased to Rs 41219 Crore recording a growth of 38.7% on y-o-y basis. On a y-o-y basis, the MSME Advances grew by 79.7% reaching Rs 5697 Crore as on September 30, 2009, Agriculture Advances increased to Rs 4290 Crore registering a growth of 27.0%, Auto Loans increased by 136.5% to reach Rs 214.15 Crore, Housing Loans to individuals grew by 17.7% to reach Rs 1740 Crore and Education Loan increased by 22.6% to reach Rs 378.57 crore. The Priority Sector Advances increased to Rs 12869 Crore as on September 30, 2009 from Rs 10645 Crore as on September 30, 2008 thereby registering a growth of 21.0% on y-o-y basis. The CD Ratio of the Bank stood at 63.7% as on September 30, 2009.
As on 30th September 2009, the Gross NPA ratio reduced to 2.48% from 3.95% an year ago. The Net NPA Ratio of the Bank stood at 1.30% as on September 30, 2009 against 2.06% as on September 30,2008.
On the technology front, Sri Gupta informed that Bank rolled out its first CBS branch on 15th January 2007 and has successfully completed 100% migration of all the branches under CBS platform on September 13, 2009. All the new branches are now being opened under CBS platform. With 100% migration of branches under CBS, Bank has also achieved 100% RTGS/NEFT enablement of its branches. Bank is also offering integrated Cash Management Services (CMS) for the corporate customers (including integrated collections and payments services) at over 600 locations. The total number of ATMs owned by the Bank as on September 30, 2009 is 235. These ATMs are VISA certified and connected to over 32000 ATMs across the country.
The Bank has at present 1457 branches and has obtained permission to open 134 additional branches across the country during the year, majority of which will be opened in Northern and Western India.
Sri Gupta further reiterated Bank’s efforts to be a socially responsible corporate citizen and informed that Bank will be adding 12 new Rural Development Self Employment Training Institutes (RUDSETI) of which seven will be opened during the current financial year. At present the Bank has four such institutes of which three are in West Bengal and one in Tripura.
Sri Gupta further informed that Bank is likely to bring its Initial Public Offer (IPO) during the last quarter of the current fiscal
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