Union Bank records 157 percent increase in PAT

Union Bank's post tax profits improved by 157.3 percent to record Rs. 128.7 m up from Rs. 50 m for the period ended June30, 2011, whilst pre-tax profits increased by 56.6 percent to Rs. 206.8m compared to the corresponding period of last year. Net Interest Income increased by 35.9 percent to 154.7 m over the preceding year.

Similar growth was also achieved in the Bank's core activities. Gross loans and advances increased by 28.2 percent during the six months to reach Rs. 12.9 b whilst total deposits increased to Rs 14.8 b as at June 30, 2011. Gross non performing advances ratio improved to 6.05 percent from 9.19 percent of June 2010. Overall, the group highlighted post tax profit of Rs. 132.7 m.

Director/CEO of Union Bank Anil Amarasuriya, said that these were achieved against a backdrop of declining interest rates.

He outlined the Bank's future potential and its ability to emerge as a strong performer in the Industry.

Following the Bank's successful Initial Public Offering, the Bank is now strategically positioned.