Union Bank Group reported a profit after tax (PAT) of Rs.57.9 mn for the quarter ending September 30, 2014, an increase of 28% in comparison to the same quarter in 2013.
During the same period, the Bank reported a profit after tax of Rs.36.4 mn compared to Rs.37.4mn in the corresponding period of 2013.
At the end of the nine months, the group profit after tax stood at Rs 116.2 mn and the Bank at Rs. 55.7 mn respectively. The Bank's subsidiaries, UB Finance and National Asset Management have recorded Rs 68 mn and Rs 30 mn PAT respectively, contributing positively towards the Group profitability. Union Bank's recent investment agreement with TPG the US based global private investment firm has placed the Bank amongst the top 5 commercial Banks in Sri Lanka in market capitalization. The investment comprises a combination of primary equity, secondary shares and warrants, and upon exercise of the warrants, could be up to $117 mn.
Union Bank is poised for the next phase of growth with a wider focus on retail, SME and corporate banking sectors. Highlighting its performance for 3Q, 2014, the
Net Interest income of the Bank, for the period of nine months highlighted strong performance of 27% growth (Rs.1, 165.8 mn) in comparison to the corresponding period of last year and is attributed to the effective liability management initiatives. The group highlighted a 30% growth amounting to Rs.1, 305.8 mn for the same period.
Director and CEO Anil Amarasuriya said, “Union Bank is geared to face the challenges of tomorrow and move to the next phase of growth.”
www.dailynews.lk
During the same period, the Bank reported a profit after tax of Rs.36.4 mn compared to Rs.37.4mn in the corresponding period of 2013.
At the end of the nine months, the group profit after tax stood at Rs 116.2 mn and the Bank at Rs. 55.7 mn respectively. The Bank's subsidiaries, UB Finance and National Asset Management have recorded Rs 68 mn and Rs 30 mn PAT respectively, contributing positively towards the Group profitability. Union Bank's recent investment agreement with TPG the US based global private investment firm has placed the Bank amongst the top 5 commercial Banks in Sri Lanka in market capitalization. The investment comprises a combination of primary equity, secondary shares and warrants, and upon exercise of the warrants, could be up to $117 mn.
Union Bank is poised for the next phase of growth with a wider focus on retail, SME and corporate banking sectors. Highlighting its performance for 3Q, 2014, the
Net Interest income of the Bank, for the period of nine months highlighted strong performance of 27% growth (Rs.1, 165.8 mn) in comparison to the corresponding period of last year and is attributed to the effective liability management initiatives. The group highlighted a 30% growth amounting to Rs.1, 305.8 mn for the same period.
Director and CEO Anil Amarasuriya said, “Union Bank is geared to face the challenges of tomorrow and move to the next phase of growth.”
www.dailynews.lk
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