Union Bank of India reported a net profit of Rs. 1,727 crore for the year ended March 31, 2009, as compared to Rs. 1,387 crore in the previous year, a growth of 24.5 per cent.
However, the net profit for the fourth quarter declined by 10.6 per cent to Rs. 466 crore from Rs. 521 crore in the year-ago period. , mainly due to higher provisions of Rs. 446 crore as against Rs. 370 crore in the previous year.
While the gross NPA declined from 2.18 per cent to 1.96 per cent as of March 2009, net NPAs have increased marginally from 0.15 per cent to 0.34 per cent.
Deposits grew by 33.3 per cent to Rs. 138,416 crore from Rs. 103,859 crore in the previous year. Of this, retail deposit portfolio showed a growth of 44.7 per cent to Rs. 124,103 crore as against Rs. 85,739 crore.
Domestic business mix has registered a growth of 31 per cent year-on-year to Rs. 235,376 crore from Rs. 179,737 crore. Global business mix grew 31.8 per cent year-on-year to Rs. 236,968 crore. Net interest margin for the year ended March 2009 has improved to 3.24 per cent from 2.93 per cent.
The capital adequacy ratio stood at 12.01 per cent as against 12.51 per cent. As per Basel II, it works out to 13.27 per cent as of March 2009 as against 11.70 per cent in the previous year.
The bank’s net worth rose to Rs. 6,964 crore from Rs. 5,616 crore.
-T H Business
| NIFTY 
