United Bank & JK Cements Q3 results

CORPORATE SCORECARD

United Bank net profit up 32%

Kolkata-based United Bank of India (UBI) has reported a net profit of Rs 231.84 crore for the nine months ended December 31, 2006, as against the full-year profit of Rs 204.57 crore in 2005-06.

Year-on-year, net profit after tax has registered a growth of 32.2 per cent. The bank's total business was at Rs 54,190 crore as on December 2006, a growth of 29.1 per cent over Rs 41,975 crore in the corresponding period in 2005.

The growth came from deposits, which increased by 22.6 per cent to Rs 33,503 crore, and the 41.2 per cent growth in advances to Rs 20,687 crore.

JK Cements net up 6-fold

JK Cements' net profit for the quarter ended December 31 has risen over six times at Rs 50.2 crore compared with Rs 7.8 crore posted during the previous corresponding quarter.

The company's net sales grew to Rs 319 crore as against Rs 221.7 crore, up 43.89 per cent. Operating profit margin for the quarter grew to 28 per cent from 15 per cent. Earning per share (EPS) stood at Rs 7.18 against Rs 1.56.

The company has two grey cement plants with an aggregate installed capacity of 4 million tonne. It is one of the leading grey cement producers in northern region. It has acquired the assets of Nihon Nirmaan from IDBI at a price of Rs 42 crore.

The plant is expected to start operations by the third quarter of the next financial year. It will be grey cement facility with a capacity of 0.3 million tonne.