Mumbai, July 22: Union Bank of India has reported a net profit of Rs 155.9 crore for the quarter ended June `03 compared to Rs 113.9 crore in the corresponding period last year, registering an increase of 36.8%. The operating profit, before tax and provisions, amounted to Rs 289.9 crore, an 31.6% increase over the corresponding quarter last year. Chairman and managing director, V Leeladhar said the jump in net profit is on account of the increase in the interest margins which improved from 3.2% in March ‘03 to 3.4% as on June ‘03. The bank has set a Rs 1,700-crore operating profit target for this fiscal ending March ‘04 as against Rs 1,302.9 crore achieved in the fiscal year ended ‘03, said Leeladhar.
The net profit is, however, lower than the post-IPO net profit of Rs 201.8 crore posted in the quarter ended March 31, `03, by around 22.7%. The bank has reported a total income of Rs 1,277.7 crore, up from Rs 1,185.9 crore in the corresponding period last year, recording a growth of 7.7%. The total expenditure at Rs 987.7 crore is marginally higher than Rs 965.7 crore in the corresponding period last year.
Non-interest income for the quarter amounts to Rs 113.4 crore, up from Rs 97.3 crore registered last year. Treasury income for the current quarter at Rs 30.7 crore, is higher than the corresponding figure of Rs 15.1 crore last year.
Bureau Report