Union Bank posted a pre-tax profit of Rs. 117.5 million for the first quarter of 2011 up 97.6 percent from a year ago, the bank announced yesterday (9)
During the period under consideration, the total asset base of the bank expanded by 9.5 percent, registering Rs. 20, 24 million at end of the quarter. The period also saw a growth of 17.5 percent in loans and advances and an increase of 6.6 percent in the bank’s deposit base.
"The infusion of equity channeled through the record breaking IPO netted in a growth of Rs. 403.2 million,
indicating an augmentation of 8.9 percent in total equity, during the quarter. The bank has recorded one of the strongest Debt/Equity ratios in the banking industry, at 3.0. The bank’s net non-performing loans stood at 5.51 percent while net assets per share was at 14.15 percent," Union Bank said in a statement announcing its first quarter results.
Anil Amarasuriya Director / CEO of Union Bank said the bank had completed one of the most outstanding quarters in its history.
The bank opened 4 new branches during the quarter, increasing the network of branches to 26 island-wide.
The first quarter of 2011 also recorded an increase of 66.2 percent in net interest income, while showing a 48 percent growth in non-core income categories. The expansion phase reflected an increase of 44 percent in its overhead expenses, while profits after tax showed a growth of 221 percent when compared to last year, the bank said.
source - www.island.lk
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