Union Bank of India said on Saturday that its net profit for the second quarter ended 30 September increased to Rs 362 crore as against Rs 276 crore during September 2007, portraying a rise of 31.16%.
The bank?s net interest income increased from Rs 656 crore to Rs 975 crore, a growth of 48.63% over the corresponding quarter the previous year. Net interest margins for the quarter ended September 2008 increased to 3.01% as against 2.49% in September 2007.
The bank?s total deposits as on September 2008 touched Rs 1, 15,939 crore from Rs 94,804 crore as on September 2007, an increase of 22.29%.
The bank said its net non-performing assets (NPAs) levels reduced from 0.65% in September 2007 to 0.14% in September 2008, while the gross NPAs from 2.42% to 1.93%. Capital adequacy ratio has improved to 12.53% as on September 2008 from 11.55% as on September 2007.
Union Bank of India chairman and managing director MV Nair said the bank aimed at a business mix of Rs 2,20,000 crore by the end of March 2009, a growth of 22%.
?Of this, Rs 1, 27,500 crore will be deposits (growth of 23%, year-on-year) and Rs 92,500 crore will be advances, showing a growth of 22%,? he said.