UBI Q3 net up 8.5 pc at Rs 579-crore
MUMBAI: State-owned Union Bank of India (UBI) today said that it has posted a net profit growth of 8.5 per cent at Rs 579.57-crore for the quarter ended December 31, 2010, as against Rs 534.13-crore in the corresponding period a year-ago.
The bank's total income increased to Rs 4,693.06-crore in the quarter from Rs 3,758.32-crore in Q3 FY 10.
"The December quarter was an excellent quarter as compared to Q3 FY 10. Net profit has been protected despite a substantial increase in NPA provision of Rs 361-crore as against Rs 43-crore in the corresponding period of the previous year," Union Bank's Chairman and Managing Director, M V Nair , told reporters here.
"All sectors including corporate and agriculture contributed towards profit in the December quarter," he said.
The bank's savings deposits grew by 33.43 per cent to Rs 46,416-crore in the December quarter as against Rs 34,788-crore in the previous year.
The public sector lender's net NPA in the December quarter increased to 1.21 per cent as against 1.18 per cent in the previous year. Its gross NPAs, however, declined to 2.68 per cent in the quarter as compared to 2.79 in the corresponding period a year-ago.
"We will try to rein-in gross NPAs below 2.40 by March 2011," Nair said.
The bank's net profit for the first nine-months stood at Rs 1,484.38-crore, as compared to Rs 1,481.42-crore in the year-ago period.
The bank's total income increased to Rs 4,693.06-crore in the quarter from Rs 3,758.32-crore in Q3 FY 10.
"The December quarter was an excellent quarter as compared to Q3 FY 10. Net profit has been protected despite a substantial increase in NPA provision of Rs 361-crore as against Rs 43-crore in the corresponding period of the previous year," Union Bank's Chairman and Managing Director, M V Nair , told reporters here.
"All sectors including corporate and agriculture contributed towards profit in the December quarter," he said.
The bank's savings deposits grew by 33.43 per cent to Rs 46,416-crore in the December quarter as against Rs 34,788-crore in the previous year.
The public sector lender's net NPA in the December quarter increased to 1.21 per cent as against 1.18 per cent in the previous year. Its gross NPAs, however, declined to 2.68 per cent in the quarter as compared to 2.79 in the corresponding period a year-ago.
"We will try to rein-in gross NPAs below 2.40 by March 2011," Nair said.
The bank's net profit for the first nine-months stood at Rs 1,484.38-crore, as compared to Rs 1,481.42-crore in the year-ago period.
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