United Bank of India is planning to mop up around Rs 1,000 crore through a qualified institutional placement (QIP) route in coming three to four months. The company may also approach the government to infuse capital. The PSU bank also has plans to set up seven to eight offices in foreign countries. At present, the bank’s capital adequacy ratio stands at 11.66%.
The bank reported a dip of 79.11% in its net profit for the final quarter of financial year 2012-13 at Rs 31.18 crore compared to Rs 149.29 crore in the year ago period. The net profit tanked primarily because of higher provisioning during the quarter under review.