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Union Bank net profit up at Rs 552.69 crore
May 05, 2003 19:08 IST
Union Bank of India posted a 75.94 per cent rise in net profit at Rs 552.69 crore (Rs 5.526 billion) for the financial year ended March 31, 2003, as against Rs 314.13 crore (Rs 3.141 billion) for 2001-02.
The total income for the reporting year rose by 13.64 per cent to Rs 5,130.73 crore (Rs 51.307 billion) as against Rs 4,514.82 crore (Rs 45.148 billion) for FY-02, Bank chairman and managing director V Leeladhar told reporters in Mumbai on Monday.
The interest income for the FY-03 grew by 7.23 per cent to Rs 4,306.18 crore (Rs 43.061 billion) compared to Rs 4,015.68 crore (Rs 40.156 billion) in 2001-02.
The bank has recorded a 15.11 per cent rise in total business at Rs 71,398 crore (Rs 713.98 billion) in for March 31, 2003, compared to Rs 62,259 crore (Rs 622.59 billion) in the previous fiscal.
The gross advances of the bank went up by 19 per cent (by Rs 4,278 crore -- Rs 42.78 billion) while deposits grew by 12.89 per cent (by Rs 5,131 crore -- Rs 51.31 billion).
Leeladhar said bank's capital adequacy as on March 31, 2003 stood at 12.41 per cent, up from 11.07 at the end of 2001-02.
The capital infusion through initial public offering helped state-owned bank to raise CAR to meet the growth in risk weighted assets, he said.
The net non-performing assets stood at Rs 2,388 crore (Rs 23.88 billion) (4.91 per cent) as on March 31, 2003 as against Rs 2,420 crore (Rs 24.20 billion) (6.26 per cent) for 2001-02, he said adding, the bank has issued 1,452 notices involving about Rs 500 crore (Rs 5 billion) under Securitisation Act.
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