UBI Net Profit Grows Six-fold To Rs 129 Crore

New Delhi, May 24: | Updated: May 25 2002, 05:30am hrs
United Bank of India (UBI) on Friday reported a six-fold increase in net profit at Rs 129 crore during 2001-02 as against Rs 19 crore in the previous fiscal. The bank’s profits was to a greater extent over-shadowed by high provisioning of Rs 216 crore for deferred liabilities for wage arrears and Voluntary Retirement Scheme.

Excluding these provisions, the profits would have been higher at Rs 335 crore, UBI said in statement. The bank’s operating profit was higher by 73 per cent at Rs 237 crore, clocking a business of Rs 27,000 crore.

UBI increased its capital adequacy ratio to 12 per cent from the previous 10.4 per cent while bringing down the net non-performing asset ratio to 7.9 per cent from 10.5 per cent in 2000-01. UBI, which was in red a few years ago, reduced its cumulated losses to Rs 1,240 crore. "Certain liabilities of Rs 188 crore were deferred during 2000-01 and hence the accumulated losses till March 2001 was Rs 1,547 crore instead of Rs 1,359 crore," the bank said.