United Bank of India gains on buzz to unveil tea credit cards for tea farmers

United Bank of India - (Amalgamated) | Bank - Public | BFSI | BSE: 533171 | NSE: UNITEDBNK

29 Aug 2013 Evaluate

United Bank of India is currently trading at Rs. 30.10, up by 0.25 points or 0.84% from its previous closing of Rs. 29.85 on the BSE.

The scrip opened at Rs. 30.85 and has touched a high and low of Rs. 30.85 and Rs. 29.90 respectively. So far 38433 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 84.95 on 07-Jan-2013 and a 52 week low of Rs. 29.55 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 35.10 and Rs. 29.55 respectively. The current market cap of the company is Rs. 1125.99 crore.

The promoters holding in the company stood at 82.23% while Institutions and Non-Institutions held 10.37% and 7.40% respectively.

Public sector lender, United Bank of India is reportedly planning to launch tea credit cards as well as new loan scheme for tea farmers. Initially the bank will offer around 1000 credit cards. Further, the bank will provide loan up to Rs 50,000 at 7 per cent interest rate. The bank’s total exposure to tea sector will be around Rs 300 crore.

Meanwhile, the bank is also planning to open 500 outlets in the northeast part of country by end of this year. This will contain 200 ultra small branches, 200 ATMS and 100 branches. For that the bank will hire around 500 people in clerical grade from Northeast region.

Recently, the bank raised Rs 500 crore in bonds subscribed by Life Insurance Corporation of India under the new Basel III regime, which has come into effect from April 2013.

The bank’s net profit for the Q4FY13 rose by 2.09% at Rs 789.38 crore as compared to Rs 773.19 crore for the Q4FY12. Its total income has increased by 15.41% to Rs 7500.59 crore for the quarter from Rs 6498.79 crore for the corresponding quarter of the previous year.

United Bank-Amalgama Share Price

8.02 0.00 (0.00%)

20-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	1025.75
PNB	109.00
Bank Of Baroda	282.75
Canara Bank	135.10
Union Bank Of India	175.55
View more..

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