 Online edition of India's National Newspaper Sunday, Oct 26, 2008 ePaper | Mobile/PDA Version |
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MILESTONE: M. V. Nair, CMD, Union Bank of India (left), with T. Y. Prabhu, Executive Director, at a press conference in Mumbai on Saturday. MUMBAI: Union Bank of India has reported 32.33 per cent rise in its operating profit at Rs. 700 crore for the quarter ended September 30, 2008, against Rs. 529 crore in the year-ago period. The net profit has increased from Rs. 276 crore to Rs. 362 crore, registering a growth of 31.16 per cent, according to a release. Total income has risen by 23.28 per cent to Rs. 3,114 crore during the quarter under review from Rs. 2,526 crore in the comparable period in the previous year. Interest income was higher by 27 per cent at Rs. 2,831 crore against Rs. 2,238 crore. Non-interest income accounted for Rs. 283 crore (Rs. 288 crore). The bank achieved a new landmark with the total business mix crossing Rs. 2,00,000 crore to Rs. 2,02,488 crore, a growth of 24 per cent over the previous year’s Rs. 1,63,399 crore. Total deposits as on September 2008 were Rs. 1,15,939 crore against Rs. 94,804 crore while advances recorded a rise of 26 per cent at Rs. 86,549 crore. The bank’s capital adequacy ratio-Basel I has improved to 12.53 per cent from 11.55 per cent. Gross NPAs (non-performing assets) have increased marginally to 1,675 crore from Rs. 1,659 crore. Net NPAs have declined to Rs. 116 crore from Rs. 437 crore. The bank aims to reach a business mix of Rs. 2,20,000 crore by the end of March 2009, a growth of about 22 per cent. Retail, agri business, SME and corporate will continue to be the four growth engines of the bank.
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