Public sector lender, United Bank of India has posted 31% rise in net profits for the second quarter of this fiscal. The net profit of the bank now amounts to Rs 109.74 crore.
The bank witnessed a 13.7% growth in its loan book at Rs 46,850 crore and 6.7% rise in deposits, thus amounting to Rs 69,046 crore.
According to Bhaskar Sen, CMD of the bank, its net interest margin (NIM) for Q2 stood at 3.04%. He said that the figure would be sustained by the bank till the end of this financial year.
He added that the bank was aiming at a 20 per cent year- on-year growth in advances and 18 per cent in deposits.
He said that bank has set a target of attaining Rs 1.38 lakh crore worth business for this fiscal.