Union Bank posts Rs 50 m profit in H 1
Union Bank has reported a significant upturn in its performance for
the half year ended June 30, 2010.
The Bank's pre-tax profits improved by 65 percent to record Rs 110.3
million up from Rs 66.8 million for the period ended June 30, 2009
whilst post-tax profits increased by 54 percent to Rs 50 million
corresponding to the results achieved for the identical period last
Net interest income increased by 54 percent over the preceding year.
Similar growth was also achieved in the Bank's core activities.
Gross loans and advances increased by 16 percent year on year to
reach Rs 9.2 billion whilst deposits increased to Rs 12.6 billion as at
June 30, 2010.
Union Bank Chairman Ajita de Zoysa expressed satisfaction over these
results and stressed that these were achieved despite a re-pricing of
assets and liabilities against a back-drop of declining interest rates
and sluggish market conditions. He said the Bank's future potential and
its ability to emerge as a strong performer in the Industry following
the recent fresh capital infusion of Rs two billion partly subscribed by
the Genting Group, Malaysia.
The Bank is strategically positioned to embark on an aggressive
growth strategy in addition to surpassing the regulatory minimum capital
requirements for commercial banks.