United Bank of India (UBI) Q2 profit up 16%

United Bank of India (UBI) Second Quarter (Q2) profit up 16 percent.

Kolkata-headquartered State-owned public sector lender United Bank of India (UBI) posted net profit for the quarter ended September 30 increased 16 per cent to Rs 144.6 crore from the year-ago period.

The earnings growth was aided by a rise in the non-interest income from treasury and foreign exchange operations.

Net interest income — the difference between interest income and interest expense — was Rs 606 crore, down 2.8 per cent year-on-year (y-o-y). Net interest margin narrowed 56 basis points (bps) to 2.60 per cent.

United Bank restructured Rs 127 crore worth of loans during the quarter. The restructured loan portfolio was at Rs 4,200 crore at the end of September.

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