Public sector lender United Bank of India (UBI) has declared its fourth quarter financial results for the fiscal year 2009-10 and its quarterly report is very disappointing.

As per the reports its net profit has declined by a mammoth 65% in the quarter that ended on 31st March, 2010. The net profit of the company was found out to be Rs 46.22 crore for the quarter reviewed.

It was reported to be Rs 134.84 crore in the fourth quarter of the last financial year. The bank's net profit has gone down by a massive 65% in this quarter as compared to the same quarter in the preceding year.

At the same time, the treasury income of the Bank has also declined to Rs 37 crore in the January-March quarter. It was Rs 137 crore in the same period last year. There has been a huge decrease in the Bank's treasury income in this quarter.

Chairman and Managing Director of United Bank of India, Mr. Bhaskar Sen has informed that the bank did not receive much of the support from its treasury and higher provisioning, which is main cause of such a huge decline in net profit.