BOD of Union Bank of India on Tuesday approved the accounts of the bank for the quarter and half year ended September 30
United Bank of India logo
Mumbai: United Bank of India’s net profit for Q2FY16 increased to Rs 658 crore from Rs 371 crore in Q2FY15. The board of directors of Union Bank of India on Tuesday approved the accounts of the bank for the quarter and half year ended September 30. Return on average assets for the period increased to 0.68 per cent up by 13 bps while the return on equity for Q2FY16 also increased to 12.80 pr cent from 11.02 per cent in Q1FY16. Other highlights of the results included the bank’s global business growing 7.4 per cent on year-on-year basis (y-o-y) to Rs 5,84,687 crore as on September 30, 2015. “Advances to productive sectors of economy, i.e. retail, agriculture, and MSMEs, which we together call as ‘RAM’ sectors, grew by 10.2 per cent; RAM sectors now contribute more than 51 per cent of the domestic loan book,” said UBI chairman Arun Tiwari.
Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.
( Source : deccan chronicle )
Next Story
