Union Bank of India second quarter net up 39.50% to Rs.505 crore
Mumbai, October 26, 2009:
Highlights:
Union Bank of India recorded a quarterly Operating profit of Rs.810 crs for Sept‘09 as against Rs. 700 crs for the quarter ended Sept’08 registering growth of 15.71%.
Net Profit has improved from Rs. 362 crs to Rs.505 crs registering a quarterly growth of 39.50%.
Capital Adequacy under BASEL II shored up to 13.76% in Sept’09 from 11.77% in Sept’08.
Net Worth of the Bank increased to Rs.7916 crs as of Sept’09 from Rs. 6203 crs as of Sept’08 due to plough back of profits.
Return on Average Assets improved from 1.12% in Sept’08 to 1.25% in Sept’ 09 (QoQ) indicating more efficient utilization of assets.
Return on Equity (RoE) has improved from 23.31% to 25.52% as of Sept’09. ROE is consistent with previous two years i.e. 24.70% as of March 08 and 24.79% as of Mar 09.
The asset quality was stable. While Gross NPAs remained at 1.93 %. Net NPAs marginally increased from 0.14% in Sept’08 to 0.23% in Sept’09.
Business:
The Bank achieved a new landmark with the total business–mix of the Bank reaching a level of Rs.248496 crs, a growth of 22.72% over previous year’s level of Rs.202488 crs as on 30th Sept’08.
The Bank’s total deposits as on 30th Sept’09 reached a level of Rs.149066 crs from Rs. 115939 crs as on 30th Sept’08, an increase of 28.57%. Demand deposits grew by Rs.10770 crs to Rs. 49142 crs as on 30th Sept’09 from Rs. 38372 crore as on 30th Sept’08.
Gross advances of the Bank reached a level of Rs.99430 crs as on 30th Sept’09, registering an increase of 14.88% over Sept’08.
MSME advances grew by 42.08% YoY from Rs 13884 crs as of Sept’08 to Rs.19726 crs as of 30th Sept’09. Agri advances grew by 22.82% from Rs 12701 crs as of Sept’08 to Rs.15599 crs as of Sept’09. Retail Advances grew to Rs.10891 crs from Rs. 9324 crs in the previous year. Within Retail advances, Home Loans, Car Loans and Educational Loans grew by 22.26%, 23.33% and 39.67% resp. YoY.
>>> GO TO NEXT PAGE
(This is a press release from Union Bank of India)
