BANK NEWS
Union Bank Posted 73.1 per cent Profit Growth
Mumbai: Union Bank of India, is one of the largest government-owned banks of India; the government owns over 90% of its share capital. It is listed on the Forbes 2000 and has assets of US$13.45 billion. UBI has around 4,300 branches. The company released its financial performance for the 1st quarter of FY 2019-20. The bank has declared that, net Profit for April-June 2019 improved by 73.1 per cent to Rs. 225 crore from Rs. 130 crore in April-June 2018.
According to the recent data, the Bank has recovered 0.82 % Non Performance Assets (NPA) as against last year FY 2018-19. Gross NPA in June 2018 was Rs. 49,370 Cr. while in June 2019 is Rs. 48,729 Crore, reduce by Rs. 641 Crore.
In a statement Shri Rajkiran Rai G., MD & CEO, Union Bank, said, 'Union Bank has created right kind of structures to support its growth aspirations. The Bank is well capitalized with good provisioning cover, which equips us to pursue opportunities from a position of strength.'
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