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Union Bank Net Profit up by 31.16 pc for Q2
Mumbai, Oct 25 (UNI) Union Bank (UB) has posted net profit has increased to Rs 362 crore for the second quarter ended September 30, 2008 from Rs 276 crore in the same period last year.
Announcing quarter reviews, The bank CMD Mr M V Nair told reporers here today that, ''The Bank recorded a quarterly Operating profit of Rs 700 crore for September 2008 as against Rs 529 crore for the quarter ended September 2007, registering growth of 32.33 per cent. Despite a scenerio of rising cost of raising resources, Net Interest Margins (NIM) for quarter ended September 2008 has increased to 3.01 per cent as against 2.49 per cent in September 07.
Net worth of the bank posted a smart rise to Rs 6,203 crore as of September 2008 from Rs 5,231 crore as of September 2007 due to plough back of profits. Returns on Average Assets improved from 1.05 per cent in September 2007 to 1.12 per cent in September 2008 indicating more efficient utilization of assets.'' He further stated that, ''The asset quality recorded a significant improvement with a steep reduction in net Non Performance Assets (NPAs) from 0.6 per cent in September 2007 to 0.14 per cent in Septmber 2008 and the gross NPAs from 2.42 per cent to 1.93 per cent. Gross NPA level has marginally increased from Rs 1,659 crore in September 2007 to Rs 1,675 crore in September 2008. Net NPAs reduced from Rs 437 crore in September 2007 to Rs 116 crore in September 2008.
The
bank
achieved
a
new
landmark
with
the
total
busness
mix
of
the
bank
crossing
Rs
2,00,000
crore
to
reach
level
of
Rs
2,02.488
crore.
A
growth
of
23.92
per
cent
over
previous
year's
level
of
Rs
1,63,399
crore
as
on
September
30,
2007.
The
bank's
total
deposits
as
September
2008
reached
a
level
of
Rs
1,15,939
crore
from
Rs
94,804
crore
on
September
2007,
an
increase
of
22.29
per
cent.
Demand
deposits
grew
by
7,556
crore
to
Rs
38,372
crore
as
on
September
2008
from
Rs
30,816
crore
as
on
September
2007.
Gross
advancees
of
the
bank
reached
a
level
of
Rs
86,549
crore
as
September
2008.
Registering
an
increase
of
26.17
crore
over
September
07.''
UNI
AR
ZA
SKB1834
