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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » UNION bank receives 11.4 billion fresh capital

UNION bank receives 11.4 billion fresh capital

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Teller

Teller
Moderator
Moderator

Feb 21, Colombo: Union Bank of Colombo PLC (UBC) stated that 2014 marked a year of change in its 20 year history having received a significant capital infusion of Rs. 11.4 billion from Culture Financial Holdings, an affiliate of TPG, one of the largest private global investment firms.

Teller

Teller
Moderator
Moderator

This investment is one of the largest FDIs to Sri Lanka in the recent times. UBC is well positioned for its next phase of growth with the highest Capital Adequacy Ratio of 41.47% in the industry,
Highlighting on its performance UBC group which includes UB Finance Company Ltd and National Asset Management Ltd, reported a pre tax profit of Rs. 233 million in comparison to Rs.148 Million during recorded in 2013. Profit after tax of the Group was Rs. 78.2 Million for the year ended 31st December 2014. The Bank reported a profit before tax of Rs. 113 Million for the year. Profit after tax for the year is Rs.57 Million.

The Group reported a 53.2% increase in Net Interest Income (NII) during the year, recording Rs.1,970 million in comparison to Rs.1,286 million in 2013. The Bank NII also increased by 52.5% in 2014 amounting to Rs. 1,763 million for the year 2014, compared to Rs. 1,155 million posted last year. The primary reason for this was the reduction of Rs. 764 million in interest expenditure during 2014 due to re-pricing based on the reduction of interest rates and the improvement in the CASA ratio.

The Group's total assets increased by 42.7% to cross the Rs. 50 billion mark to reach Rs.52,564 Million in comparison to Rs.36,824 million in 2013. This is largely attributed to the capital infusion. The Group has reported a 15.3% growth in loans and advances despite the reduction in the pawning portfolio of the Bank. The Bank's Loans and advances recorded a growth of 10.6% over 2013. Bank's subsidiary, UB Finance has recorded a commendable growth subsequent to its focus on restructuring itself during the initial few years after the investment. Total liabilities of the group recorded Rs. 4.436 million growth resulting in Rs. 36,067 million as at the year end.

The CASA mix increased significantly to 24.9% from 19.2% in 2013.

Fee and other income of the group recorded a 5.9% growth to be at Rs. 773 million for the year in comparison to Rs. 730 million in 2013. National Asset Management Ltd reported a significant growth of 55.6% in fee income. This is attributed to the growth in funds under management in 2014 in comparison to 2013.

Group's operating income reported a Rs. 727 million increase, resulting in a 36% growth overall in comparison to 2013. Total operating income of the Group for the year was Rs. 2,743 million compared to Rs. 2,016 million in 2013. The Bank recorded an operating income of Rs. 2,2


_________________




Teller said is said..

tha


Senior Equity Analytic
Senior Equity Analytic
Fantastic...

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hi Teller,

Do you think this is a good " long term investment" Finance sector stock at this levels?

since my look is long term I am only seeing the positive in this stock, just like any other banking stocks.

please comment if it is alright.

thanks

barba


Manager - Equity Analytics
Manager - Equity Analytics
Will UBC make a dividend announcement now then

dudi


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
eqiuty champ or some comiker made a negative comment about union banks profits yesterday.what is the reality actually? please dont make contradictory comments here guys

Teller

Teller
Moderator
Moderator
Actually this capital received the during the period of 2014 and may utilize those funds new investment like branch openings, new product like medium scale business loans,,etc. Personally I have a current account with them,the great thing they are not holding any minimum amount on it. We know some banks are charging as bank charges if we are not keeping minimum float.But they dont do it. Actually i feel this share is a good investment but medium to long term. When i buy nation trust bank in early 2000,the share was trading below 20/- rupees. But i understood its continuous growrth,earnings,new products,customer service,promotions so decided to hold it. I have enough return at the moment. I trust my self of my holdings. If we can collect UBC 23-25 range,its not so far to teach 40-45 with in next 2-3 years. Any investment has a time bound and want some time to grow. Stock market also like that. If you plant A mango tree You will not get mangoes with in a day but you can get mangoes soon by planting a bud tree. Investment decisions also same. Be strategic,be patient requires to get the result


_________________




Teller said is said..

Thushara Ayya

Thushara Ayya
Vice President - Equity Analytics
Vice President - Equity Analytics
As I know this is the most under valued stock in the banking sector.... Better to collect @ this level....

tha


Senior Equity Analytic
Senior Equity Analytic
Yes this us one of best banking shares shouldnt miss.

Dangaya

Dangaya
Equity Analytic
Equity Analytic
Curretn price is so good according to my analysis...

peiris


Stock Analytic
Stock Analytic
please do an analysis before investing. what is the nav, eps,per. how do they compare with other banks and the market price, credibility of the directors are some of the factors that need to be considered

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