The Hindu Business Line : Union Bank posts 32.42 pc growth in net

LED by a over 100 per cent rise in other income, Union Bank of India has recorded a 32.42 per cent growth in net profit at Rs 210.40 crore for the quarter ended June 2004, against a net profit Rs 158.88 crore in the corresponding period the previous fiscal.

The bank is targeting a net profit of Rs 1,000 crore for the fiscal year 2004-05, said Mr V. Leeladhar, Chairman and Managing Director, at a press conference here on Saturday.

During the first quarter ended June 2004, other income of the bank grew to Rs 234.82 crore (Rs 113.43 crore). Income from sale of investments was at Rs 118.27 crore (Rs 30.70 crore).

The bank had earned good treasury profits despite the hardening of yields in the bond markets due to prudent management of its treasury, said Mr Leeladhar.

Total income of the bank rose to Rs 1,400.65 crore during the quarter, against Rs 1,277.71 crore posted during the same period a year ago. Interest earned was at Rs 1,165.83 crore (Rs 1,164.28 crore) .

Total expenditure of the bank increased to Rs 10,07.63 crore (Rs 984.75 crore). Gross NPAs of the bank were at Rs 22,79.06 crore (Rs 24,14.20 crore). Net NPAs were at Rs 734.67 crore (Rs 1,238.21 crore).

Provisions and contingencies were at Rs 100.62 crore (Rs 69.08 crore) of which, provisions for NPAs stood at Rs 88.92 crore (Rs 95 crore).

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Union Bank posts 32.42 pc growth in net