United Bank of India (UBI), on Friday, announced that its net profit for the first half of the current financial year has increased 43.4 per cent to Rs 232.50 crore as compared to Rs 162.08 crore in the same period last fiscal.

The bank’s business during the current half touched Rs 61,963 crore registering a year-on-year growth of 26.9 per cent. Deposits registered an annualised growth of 28.3 per cent touching Rs 38,770 crore while advances stood at Rs 23,193 crore reflecting a rise of 24.5 per cent.

Announcing the financial results here on Friday, UBI CMD P K Gupta told reporters that capital adequacy ratio of the bank was comfortable at 13.92 per cent.

New initiatives
Speaking about new initiatives taken by the bank, Mr Gupta said that it would soon start online trading of shares under an arrangement with IDBI Capital Services Ltd.

Mr Gupta added that to augment its non-interest income, the  bank would continue to leverage its network for distribution of third party products like bancassurance, MFs and government business.