Union Bank’s first quarter results in 2015 have been very positive, which is a clear reflection of the new strategy that is in place. Subsequent to the change in strategy, the Bank’s rapid transition to a fully fledged commercial Bank with wider focus on Retail, SME and Corporate sectors saw several key changes.
The bank’s operating income for 1Q15 grew by 46% YoY to Rs 662.5 mn while the net profit grew by 228% YoY to Rs 25.1 millin. The bank’s CASA grew by 12% YTD to Rs 7.8 bn while Customer Deposits grew by 5% YTD to Rs 29.2 bn. The banks net profit grew by 64% YoY to Rs 37.9 mn.
Director and Chief Executive Officer Indrajit Wickramasinghe said the bank has realigned its infrastructure, human capital, systems and processes and is confidently gearing to take on the challenges of the highly competitive Banking industry. The significant capital infusion of Rs. 11.4 bn received from Culture Financial Holdings, an affiliate of TPG, one of the largest private global investment firms in the latter part of 2014 placed Union Bank (UBC) within the top five private sector Banks in Sri Lanka, in terms of market capitalisation which paved the way for a complete transformation in its business strategy.
www.dailynews.lk
The bank’s operating income for 1Q15 grew by 46% YoY to Rs 662.5 mn while the net profit grew by 228% YoY to Rs 25.1 millin. The bank’s CASA grew by 12% YTD to Rs 7.8 bn while Customer Deposits grew by 5% YTD to Rs 29.2 bn. The banks net profit grew by 64% YoY to Rs 37.9 mn.
Director and Chief Executive Officer Indrajit Wickramasinghe said the bank has realigned its infrastructure, human capital, systems and processes and is confidently gearing to take on the challenges of the highly competitive Banking industry. The significant capital infusion of Rs. 11.4 bn received from Culture Financial Holdings, an affiliate of TPG, one of the largest private global investment firms in the latter part of 2014 placed Union Bank (UBC) within the top five private sector Banks in Sri Lanka, in terms of market capitalisation which paved the way for a complete transformation in its business strategy.
www.dailynews.lk
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