Financial Daily from THE HINDU group of publications
Tuesday, Oct 21, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 21, 2003 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Union Bank Q2 net rises to Rs 170 cr Our Bureau
Mr V. Leeladhar, CMD, Union Bank of India, with Ms H.A.Daruwalla, General Manager, at a press conference in Mumbai. On Monday. -- Paul Noronha
Mumbai , Oct. 20 A sixty-five per cent jump in non-interest income has helped Union Bank of India to earn 82.80 per cent growth in net profit in the second quarter of this fiscal. The net profit has zoomed to Rs 170 crore for the second quarter ended September 30, as compared to Rs 93 crore in the same period the previous year Non-interest income of the bank constitutes commission earnings, treasury profits, forex earnings and other service charges, according to Mr V. Leeladhar, Chairman and Managing Director, Union Bank of India. The bank's operating profit grew to Rs 329 crore during this period (Rs 280 crore) Interest income has risen to Rs 1,082 crore (Rs 1,056 crore). Total expenditure of the bank was at Rs 956 crore (Rs 899 crore). For the half year ended September 30, 2003, the bank's net profit grew by 57 per cent to touch Rs 325.75 crore as compared to Rs 207.27 crore in the previous year period. Treasury profits for the half-year were at Rs 138 crore (Rs 51 crore). Deposits have touched Rs 46,761 crore as on September 30, 2003 (Rs 41,760). Advances have grown to Rs 27,653 crore (Rs 23,695 crore).
Priority sector advances of the bank at the end of the half-year stood at Rs 11,990 crore (Rs 9,270 crore). Retail advances grew to Rs 5,564 crore (Rs 4,151 crore). The ratio of net NPA to net advances has improved to 4.39 per cent (5.74 per cent). Cash recoveries in the first half were at Rs 361 crore. Provisions and contingencies during the half year, were at Rs 292.74 crore (Rs 293.23 crore). The bank had already started implementing the 90-day norm for NPAs prescribed by the RBI, from the first quarter of this financial year, said Mr Leeladhar. Capital adequacy ratio of the bank has risen to 13.34 per cent in September 2003, as compared to 11.44 per cent in September 2002.
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