Date:22/07/2006 URL: http://www.thehindu.com/2006/07/22/stories/2006072214521900.htm

Business

UBI records higher operating profit

Staff Reporter

Total business up by Rs. 27,546 cr.

KOCHI: The operating profit of the Union Bank of India for the quarter ended June 2006 increased to Rs.427 crores from Rs.353 crores for the quarter ended June 2005, registering a growth of more than 20 per cent. The net profit for the quarter ended June 2006 was Rs.167 crores.

The bank's total business grew by Rs. 27,546 crores, accounting for a growth rate of 26.30 per cent. Due to concerted recovery measures, the Gross NPA level declined from Rs.2,057 crores in June 2005 to Rs.1,979 crores in June 2006.

The working results for the quarter ended June 2006 showed that the bank's total deposit increased from Rs.63,158 crores to Rs.76,517 crores which translates to a growth rate of 21.15 per cent.

Advances grew to Rs.55,802 crores from Rs.41,615 crores at the growth rate of 34.09 per cent.

The total income of the bank for the quarter ended June 2006 was Rs.1,831 crores, up from Rs.1,491 crores for the corresponding period last year, recording a growth of 22.80 per cent.