United Bank of India posted its fourth quarter results for the year ended March 31, 2011 on April 29, 2011. The Bank has reported an increase in its net profit by 208.82%, amounting to Rs. 14323 lakhs in the quarter ended March 2011 as compared to Rs. 4638 lakhs in the corresponding quarter last year.
The interest earned showed 26.25% increase, from Rs. 139991 lakhs to Rs. 176735 lakhs. Interests on advances/ bills increased 36.70%. Interest on expenses increased 21.93%, from Rs. 97803 lakhs to Rs. 119255 lakhs and operating expenses increased by 25.40%.
Increase in expenses was less as compared to the increase in total income, leading to the increase in net profit. Provisions (other than tax) increased by a marginal 0.76%.
The revenue generated by various segments like treasury, corporate banking, retail banking and other banking operations was Rs. 51487 lakhs, Rs. 79845 lakhs, Rs. 62187 lakhs, Rs. 5133 lakhs respectively.
Considering the results for YoY basis as of year ended March 31, 2011, net profit increased by 62.55%, from Rs. 32235 lakhs to Rs. 52397 lakhs. Total interest earned increased 20.81%, from Rs. 524894 lakhs to Rs. 634146 lakhs. Total income increased 20.16%, from Rs. 580768 lakhs to Rs. 697851 lakhs. Total expenditure (excluding provisions) increased 10.94%, to Rs. 547152 lakhs. Provisions (other than tax) showed a significant increase of 80.09%, from Rs. 46533 lakhs to Rs. 83802 lakhs. Tax expenses also increased from Rs. 8816 lakhs to Rs. 14500 lakhs.
The Board of Directors of the Bank has recommended a final dividend of 22% for the financial year 2010-11 i.e. Rs. 2.20 per equity share of the face value of Rs. 10/- to all equity shareholders.