Union Bank has posted a net profit of Rs 60 million in the second quarter of 2015.
Union Bank Director and CEO Indrajit Wickramasinghe said the first half of 2015 was a crucial period with the Bank restructuring itself.
“I am pleased to see the results of the many strategic development initiatives and investments gathering a strong growth momentum and its results evident with the performance the bank as highlighted as at June 2015”,he said. Second quarter results have highlighted an impressive growth reflecting on the rapid development initiatives the Bank embarked. From page iv
“The growth trajectory that is envisioned will deliver continuous value propositions and benefits to our customers for greater banking convenience. We have ensured greater process efficiencies and aligned our teams to deliver the best value and service.”
The Bank recorded a significant increase in revenue for 1H15, in comparison to the corresponding period in 2014. Total operating income for 1H15 grew by 37% YoY to Rs 1,350 Mn. Net Interest Income of the Bank grew by 43%YoY, to Rs.1,039 Mn for 1H15. Fees and Other operating income grew by 21% in comparison to the corresponding reporting period.
The Group recorded a significant increase in revenue for 1H15 in comparison to the corresponding period. Total operating income for 1H15 grew by 28% YoY to Rs 1,617Mn. This is mainly due to the strong Net Interest Income growth of 51%.
The Bank reported a profit before tax and financial services VAT of Rs.135Mn for the period.
This is a 291% increase in comparison to the previous period. Furthermore the Bank reported a Net profit after tax of Rs.60Mn for the 6 months period.
This is despite the significant investments that have been made, which are in line with the new strategic initiatives.
Courtesy: Daily News 23 July 2015