United Bank of India has inked pact with recovery agent ASREC to lower non-performing assets (NPAs). It has already assigned them a good number of NPA accounts. As per the deal ASREC will supplement its in-house recovery mechanism. The bank has reported gross NPAs of Rs 2,200 crore as on June 30, 2012. By engaging ASREC as recovery agent, the bank is hopeful of bringing down its gross NPAs by around 10%.
On standalone basis, the bank has reported a rise of 31.29% in its net profit at Rs 173.89 crore for first quarter ended June 30, 2012, as compared to Rs 132.45 crore for the same quarter in the previous year. Total income of the bank has increased by 24.45% to Rs 2499.10 crore for the quarter under review as compared to Rs 2008.18 crore for the quarter ended June 30, 2011.
