Strong Q2 numbers boost United Bank of India

United Bank of India jumped 4.52% to Rs 45.05 at 15:21 IST on BSE after the bank reported a net profit of Rs 43.80 crore in Q2 September 2014 compared with net loss of Rs 489.47 crore in Q2 September 2013.

The Q2 result was announced during market hours today, 7 November 2014.

Meanwhile, the S&P BSE Sensex was down 66.65 points or 0.24% at 27,849.23.

The stock surged on heavy volumes. On BSE, so far 4.60 lakh shares were traded in the counter as against average daily volume of 78,845 shares in the past one quarter.

The stock hit a high of Rs 46.95 and a low of Rs 42.50 so far during the day. The stock had hit a 52-week high of Rs 61.65 on 4 July 2014. The stock had hit a record low of Rs 23.40 on 21 February 2014.

The stock had underperformed the market over the past one month till 5 November 2014, advancing 4.11% compared with the Sensex's 5.07% rise. The scrip had, however, underperformed the market in past one quarter, sliding 13.63% as against Sensex's 7.75% rise.

The mid-cap bank has equity capital of Rs 716.66 crore. Face value per share is Rs 10.

United Bank of India's total income declined 1.43% to Rs 2835.36 crore in Q2 September 2014 over Q2 September 2013.

The bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 10.78% as on 30 September 2014 as against 10.49% as on 30 June 2014 and 7.52% as on 30 September 2013. The bank's ratio of net NPAs to net advances stood at 7.19% as on 30 September 2014 as against 7.23% as on 30 June 2014 and 5.39% as on 30 September 2013.

The Government of India holds 78.92% stake in United Bank of India (as per the shareholding pattern as on 30 September 2014).

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