Financial Daily from THE HINDU group of publications
Friday, Feb 01, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 01, 2002 |
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Money & Banking
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Public Sector Banks Corporate Results - Public Sector Banks Union Bank net spurts 77 pc Our Bureau MUMBAI: Union Bank of India has reported a 77.4 per cent rise in net profit at Rs 99 crore for the third quarter ended December 31, 2001, as compared to Rs 55.80 crore in the corresponding quarter in the previous year. For the nine months ended December 31, 2001, the bank registered a growth of 54.5 per cent in net profits to Rs 201.60 crore (Rs 130.50 crore). The Chairman and Managing Director, Mr V. Leeladhar, told newspersons here on Thursday, that total income had increased by 17.8 per cent to Rs 1,175 crore for the third quarter from Rs 997 crore previously. Non-interest income rose by 63 per cent to Rs 134.16 crore (Rs 82.06 crore). The income from treasury improved to Rs 50 crore (Rs 12 crore). Total expenditure was at Rs 949.51 crore (Rs 858.64 crore). Provisions and contingencies were at Rs 103.74 crore (Rs 44.70 crore). Aggregate deposits for the nine months were at Rs 36,750 crore, a growth of 9 per cent, while the total advances increased by 15 per cent to Rs 20,860 crore as on December 31, 2001. The net NPA to total advances was at 6.50 per cent as on December 31 from 6.9 per cent in March 2001. The capital adequacy ratio (CAR) was at 11 per cent after the bank raised Tier-II capital of Rs 175 crore. The chairman said the IPO of around Rs 250 crore was slated for the end-June, early-July period.
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