United Bank of India (UBI) has recorded 43.40% growth in the net profit for first six months of the existing fiscal (2006-07).

For the same period, the net profit stood at Rs 232.50 crore, as agsinst Rs 162.08 crore in the same period last year.

Mr. PK Gupta, United Bank Chairman and Managing Director said that the bank’s business has recorded 26.9% increase at Rs 61,963 crore, while its depository income arose 28.30% to Rs 38,770 crore.

The bank’s income from advances rose 24.5% to Rs 23,193 crore, and its capital adequacy ratio (CAR) for the same period stood at 13.92%.

The bank’s retail credit climbed up 94.7% to Rs 5,908 crore from Rs 3,035 crore in the corresponding period last fiscal.

The bank has also announced its plan to open another 57 branches in the recent fiscal (2007-08).

While talking to the media persons, Mr. Gupta said that the bank plans to upgrade 32 of its extension counters into developed branches.

Within March 2008, the bank would raise the total number of its branches to1,425 from the existing 1,368.

Gupta also said that the roll out of Core Banking Solution (CBS) was started according to the plans.

“At the end of September 2007, 140 branches were operating on CBS platform which has since increased to 170 branches accounting for over 50 percent of the bank's business,” he said.