United Bank Plans Marketing Gold Coins

Kolkata: United Bank of India (UBI) plans to kick off marketing of gold coins for which the Reserve Bank of India approval is being sought. Its net profit in the first quarter of the current fiscal amounted to Rs 88.21 crore (Rs 70.35 crore), thus posting 25.4 per cent growth on a total business of Rs 61,112 crore. On year-on-year basis, the total business during the period under review showed a growth of 32 per cent and deposits stood at Rs 38,380 crore, up by 28.2 per cent, and advances were at Rs 22,732 crore, up by 38.9 per cent. The credit-deposit ratio improved to 59.2 per cent (54.7 per cent). The bank''s capital adequacy in end June improved to 13 per cent from 12.02 per cent in end March and the Tier I capital accounted for 7.12 per cent and Tier II 5.88 per cent. The bank raised Rs 575 crore by way of Upper Tier II bonds in the first quarter of the current fiscal.