Union Bank of India reported a 29.4 per cent rise in net profit at Rs.773.19 crore for the fourth quarter ended March 31, 2012, against Rs.597.57 crore in the year-ago period. Total income increased to Rs.6,498.79 crore, up 24.6 per cent from Rs.5,215.81 crore a year ago, it said.
During the full year ended March 31, 2012, the net profit declined by 15.14 per cent to Rs.1,755.75 crore from Rs.2,069.03 crore in 2010-11. Total income increased to Rs.23,468.79 crore from Rs.18,500.66 crore.
D. Sarkar, Chairman and Managing Director, said the bank aimed to maintain the net interest margin (NIM) at above 3 per cent for the current fiscal and would be looking to grow credit and deposits at 19 per cent and 17 per cent, respectively.
The low-cost current and savings account deposits constituted 31.28 per cent of the deposits as on March 31, 2012.
The bank would focus on the retail, small and medium enterprises and agricultural segments to grow during the fiscal, Mr. Sarkar said. Its total capital adequacy stood at 11.85 per cent as on March 31, 2012. He said the bank would not require any fresh support for the next two years. Shares of the public sector bank ended at Rs.202.90 apiece, down 4.04 per cent from its previous close on the BSE. — PTI
Keywords: Union Bank Q4 results