Kolkata-based United Bank of India has reported a total business of Rs 71,967 crore for the quarter to June 30, 2008, a growth of 18% compared with the year-ago period. Net profit has dipped to Rs 42.54 crore owing to marked-to-market depreciation in treasury transactions during the quarter, according to a release issued by the bank.

Deposits of the bank stood at Rs 44, 970 crore as on June 30, 2008, registering an annualised growth of 17.2%, while advances stood at Rs 26997 crore, up 18.8%. Interest income for the quarter was Rs 1013.13 crore, up 21.5% from Rs 833.80 crore during the year-ago period.

As on June 30, 2008, the ratio of g ross NPA stood at 2.73% as against 3.87% in June 2007. The n et NPA ratio worked out to be 1.18% as against 1.57% a year ago, the release said.

To ensure pan India presence, the bank is aggressively opening branches in northern, central, western and southern zones of the country. Within one year from 30.06.07, the bank has opened 57 new branches in these areas to take the tally to 1407. By March 2009, the bank is poised to have morethan 1500 Branches all over the country.

Visa Steel Q1 net up 846%

Visa Steel, part of Rs 4,000-crore Visa group, has reported a net profit of Rs 48.51 crore during the first quarter of the current fiscal, an increase of 846% over Rs 5.13 crore reported during the corresponding period of the previous financial year. The company’s total turnover during the period registered a growth of 251% to Rs 255.82 crore.

Announcing the Q1 financial result here on Tuesday, Visa Steel managing director Vishal Agarwal said, “The company’s strong growth in financial performance during the first quarter of 2008-09 was attributed to higher production of LAM coke and ferro chrome and also improved sales realisation from those products.”

The board of directors also approved a dividend of 10% for the year to March 31, 2008. Visa Steel, at present, produces pig iron, LAM coke and ferro chrome and is setting up a special and stainless steel plant at the Kalinga Nagar Industrial Complex in Orissa.

Jai Balaji net at Rs 46.30cr

Jai Balaji Industries Ltd has reported a net profit of Rs 46.30 crore on a total income of Rs 470.74 crore for the quarter to June 30, 2008, compared with Rs 23.59 crore on an income of Rs 252.79 crore in the same period last year. Profit before tax for the period under review was Rs 60.55 crore, up 69% from Rs 35.79 crore during the year-ago period.

The company is planning expansion at its Durgapur plant, and has already commenced trial production for its sinter plant having a capacity of 0.6 million tonne. The electric arc furnace project is on schedule and the company is

hopeful to commence trial production of the same in this quarter, according to a release.

TIL net profit at Rs 5.72cr

TIL Ltd, partnering India’s infrastructure sectors with its technology intensive heavy engineering product range, has reported a net profit of Rs 5.72 crore on a total income of Rs 185.59 crore for the quarter to June 30, 2008, compared with Rs 3.95 crore on a total income of Rs 131.99 crore during the year-ago period, according to a release.