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Public sector lender Union Bank of India on Friday reported a marginal increase of 0.69 per cent in net profit to Rs 597.6 crore for the fourth quarter ended March 31, 2011.The bank had a standalone net profit of Rs 593.5 crore in the year ago period.
Besides, total income of the bank increased to Rs 5,215.81 crore in the January-March quarter from Rs 4,054.2 crore in the same period last year, the lender said in a filing to Bombay Stock Exchange.
Its Net Interest Margin (NIM) in the quarter under review was at 3.44 per cent, up 3.39 per cent year-on-year.
For the fiscal 2010-11, Union Bank’s consolidated net profit declined slightly by 0.28 per cent to Rs 2,069.03 crore as compared to Rs 2,074.92 crore in the corresponding period of the previous year.
Besides, the consolidated total income of the bank rose to 18,500.66 crore on an annual basis as against Rs 15,277.42 crore in the previous year, it said. However, the provision coverage ratio of the bank stood at 67.58 per cent as on March 31, 2011.
The Board of Directors of the bank has recommended a dividend of Rs 8 per share (80 per cent) for the financial year 2010-11, it added.
The bank’s shares were trading at Rs 312.60 at late afternoon trade, up 7.57 per cent from the previous close on the BSE.
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