United Bank of India reported a 53.5 per cent jump in its net profit which touched Rs. 107.86 crore in the quarter ending June 2010 with a 2.98 per cent increase in net interest margin as compared to the 1.9 per cent increase clocked in June 2009.
The bank, which made an initial public offering sometime back, ended the quarter with a total business of Rs. 1,11,317 crore. Bhaskar Sen, Chairman and Managing Director, said that the first annual general meeting of the bank was held earlier this month and a dividend of Rs. 2 per share of Rs. 10 was announced.
The bank has also taken steps towards financial inclusion, including adopting a village in Murshidabad district in West Bengal for all round development and engaging farmers club to act as business facilitators in Paschim Medinipur, one of the three districts in West Bengal which is affected by left-wing extremism (LWE).
All the 1,558 branches of the bank are on the CBS platform.