Union Bank of India advanced 4% to Rs 155.15 in afternoon trading after declaring a 35% increase in net profit in Q1 June 2007. The results were declared during trading hours today, 23 July 2007.

In BSE’s ‘A’ group shares, it was placed on the ninth position.

The stock started journey at Rs 149.50. After that, it hit an intraday low of Rs 147.10 and an intraday high of Rs 158 during the day on Bombay Stock Exhange (BSE).

The bank has posted an increase of 34.9% in its net earnings, which climbed up to Rs 225.10 crore in Q1 June 2007 as against Q1 June 2006. The bank’s total income also ascended 25% to Rs 2,289.48 crore in Q1 June 2007 over Q1 June 2006.

United Bank of India is one of the 14 major banks that made national in 1969. After nationalization, the bank boomed in a big way and keenly took part in the developmental actions, principally in the rural and semi-urban arenas in compliance with the nationalization objectives.

At the moment, the bank has a three-tier organizational set-up that consists of the Head Office, 28 Regional Offices and 1315 branches. The Bank has three full-grown overseas branches.