The Hindu : Union Bank net profit doubles, plans IPO

Online edition of India's National Newspaper
Friday, May 10, 2002

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Union Bank net profit doubles, plans IPO

CHENNAI MAY 9. The net profit of Union Bank of India has doubled to Rs. 314 crores in 2001-02 from Rs. 155 crores in the corresponding period. The net profit has been arrived after absorbing the VRS amortisation of current year by Rs.97 crores, according to a release. The operating profit has gone up by 70 per cent to Rs.869 crores from Rs. 511 crores. Income has grown to Rs. 4,515 crores from Rs. 4,044 crores. Non interest income has gone up by 60 per cent.

Deposits have grown by Rs. 5,400 crores (15.8 per cent). Total advances stood at Rs. 22,850 crores, an increase of 24.5 per cent.

Gross NPAs to gross advances is down to 10.77 per cent from 11.2 per cent and net NPAs to 6.26 per cent from 6.80 per cent. Investments portfolio up to Rs. 15,454 crores from Rs.13,672 crores, a growth of 13 per cent.

The bank took Rs. 270 crores under Tier II capital. Its capital adequacy is maintained at 11 per cent. The bank will enter the capital market this year with initial public offer, permissions for which have already been received from the Government and the Reserve Bank of India.

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