Kolkata: The United Bank of India (UBI) has registered a 4.2 percent growth in its net profit to INR 1.49 billion for the quarter ended March 31, 2012, from INR 1.43 billion during the corresponding period last year.
The Kolkata-based bank reported a net profit of INR 6.32 billion in the last fiscal on Saturday, up by 20.7 percent over the previous fiscal.
"The rate of growth in profit was slow as 2011-12 was a difficult year with higher slippage in NPA (non-performing assets) and cost of funds," UBI chairman and managing director Bhaskar Sen told reporters here.
The gross NPA ratio of the bank shot up from 2.51 percent to 3.41 percent at INR 21.76 billion quarter-on-quarter, while net NPA ratio increased from 1.42 percent to 1.72 percent at INR 10.75 billion during the same period.
The bank expects that its business growth during the current fiscal would be around 20 percent.
UBI, which has around 1,680 branches currently, plans to open 100 new branches in this financial year.