Union Bank Q1 profit flat at Rs 228 cr

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15.78%.

Total business of the bank increased by 21.60% to Rs 83,256 crore against Rs 68,466 crore in the corresponding period last year. Total deposits during the period increased to Rs 49,175 crore and advances moved up to Rs 34,081 crore. The bank, according to a statement, has extended the Rs 916.73 crore as ‘agriculture debt waiver and debt relief’ to 4,82,854 farmers.

The agricultural advances of the bank, after taking into account the disbursement under the agricultural debt waiver and relief scheme, was Rs 6,105 crore. Capital adequacy ratio as of June 2008 was 12.13% as against 12.49% in June 2007. Net non-performing assets of the bank stood at Rs 35.13 crore, representing 0.10% of net advances, as against Rs 51.17 crore, working out to 0.19% of net advances in the previous year.

Oriental Bank net at Rs 220 cr

Oriental Bank of Commerce (OBC) on Friday said it posted a net profit of Rs 220.52 crore for the first quarter of this financial year. The figure stood at Rs 139.18 crore in the corresponding quarter of last fiscal.

Total Income of the bank rose to Rs 2,159.21 crore for the quarter, from Rs 1,680.34 crore in the quarter ended June 30, 2007, OBC said in a filing to the Bombay Stock Exchange.

The working results of quarter ended June 30, 2008, are not comparable with the figures of corresponding quarter a year ago on account of provisioning made during the quarter and excess of liabilities over its assets, the bank said.

Provision on non-performing advances have been made as per prudential norms of Reserve Bank of India (RBI) whereas in the corresponding quarter such provisions were made on rates higher than RBI’s provisioning norms, OBC said.

Besides, the excess of liabilities over assets taken over of erstwhile Global Trust Bank on amalgamation have been fully written off by March 31, the bank said, adding that there was no further write offs required on this account. In the corresponding quarter a year ago, Rs 61.24 crore were written off.

IndusInd’s PAT up 44% at Rs 19 crore

Private sector lender IndusInd Bank’s profit after tax (PAT) in the first quarter went up by 44% to Rs 19 crore against Rs 13 crore in the corresponding period of the previous year.