The Union Bank Limited has declared its after-tax profit amounted to Rs 1,021 million for the first half of the current year ended June 30, 2006, as compared to Rs 800 million over the corresponding period last year.
This approval was given by the board of directors of the bank in a meeting held here on Saturday. The board expressed satisfaction over the tremendous growth and success of the bank. Union Bank's spreads have kept a healthy trend as a result of high yielding consumer assets.
According to a press release issued here on Monday, the profit before-tax aggregated Rs 1,524 million in this period, a healthy increase of 19 percent over the same period last year. The annualised earning per share is Rs 6.02 as against Rs 4.72 with a growth rate of 28 percent.
The focus on the core banking business of interest income has resulted in an increase of 26 percent on gross revenue at Rs 4,013 million, compared to Rs 3,186 in the same period last year. When compared to June 30, 2005, deposits grew by 30 percent whereas advances recorded a growth of 24 percent. Union Bank's equity assets stand at Rs 121,849 million as compared to Rs 87,939 million in the same period last year, registering a growth of 39 percent.-PR