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RETAIL BANKING | Tony Chua, India

Union Bank of India profit up 16% to $71.2mn

The lender’s total income was posted at $1.13bn during the quarter.

Public sector lender Union Bank of India (UBI) Monday reported an increase of 16.2 percent in its net profit for the quarter ended Sep 30, 2011, which stood at Rs.352.5 crore ($71.2 million) as against Rs.303.4 crore during the like period of the previous financial year.

The total income stood at Rs 5,611.37 crore during the quarter under review as against Rs.4,461.88 crore during the same period in 2010-11, the company said in a regulatory filing.

The gross non-performing assets grew at 3.49 percent during the period as compared to 2.79 percent in the same quarter last year.

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