Union Bank of Colombo and its subsidiaries UB Finance Company and National Asset Management Ltd ended the first half of 2016 with an impressive 233% growth in profit after tax reporting Rs.275 mn for the period.
Operating income of the Group grew 31% to Rs.2,120 mn for the period. Total assets of the Group reflected a strong 16% year-to-date (YTD) growth to reach Rs.88,946 mn.
The Bank’s post tax profit for the period was Rs.154 mn, a 156% increase year-on-year (YoY).
Bank’s Director and Chief Executive Officer Indrajit Wickramasinghe said the Bank’s strong half year performance affirms the steady progression of Union Bank towards its strategic positioning as a fully-fledged commercial bank.
Total operating income of the Bank grew by 23% YoY to Rs.1,655 mn. The Bank’s net fee and commission income of Rs.121 mn is an increase of 121% over the comparative period with fee income from business lending, cards and trade transactions being the primary contributors of the said impressive growth. Net gains from trading amounted to Rs.278 mn, a growth of 251% YoY. The Bank does not have any exposure to the equity market.
Reflecting significant improvement in the quality of the portfolio, Net NPL ratio improved to 2.0% from 4% in the 2Q 2015 with a corresponding reduction in impairment charges from the comparative period.
The Bank’s total operating expenses increased by 29% to Rs.1,433 mn primarily due to investment spending on New branches, ATMs, staff and technology in line with the strategic plan.
The Bank remains well capitalised with a strong core capital adequacy ratio of 23.2% and a Total capital adequacy ratio of 22.8%.
The Bank’s balance sheet expanded by 16% YTD to reach Rs.82,302 mn. Loans and advances grew by 21% to Rs.48,513 mn during the period under review, while the customer deposits reflected a growth of 22% to Rs.45,803 mn.
The impressive results reveal the success of the expansion initiatives implemented by the Bank, following the TPG investment one of the largest, global private investment firms and affirm the Union Bank’s renewed strategic focus as a fully-fledged commercial bank serving a diverse clientele including Retail, SME and Corporate segments.
www.dailynews.lk
Operating income of the Group grew 31% to Rs.2,120 mn for the period. Total assets of the Group reflected a strong 16% year-to-date (YTD) growth to reach Rs.88,946 mn.
The Bank’s post tax profit for the period was Rs.154 mn, a 156% increase year-on-year (YoY).
Bank’s Director and Chief Executive Officer Indrajit Wickramasinghe said the Bank’s strong half year performance affirms the steady progression of Union Bank towards its strategic positioning as a fully-fledged commercial bank.
Total operating income of the Bank grew by 23% YoY to Rs.1,655 mn. The Bank’s net fee and commission income of Rs.121 mn is an increase of 121% over the comparative period with fee income from business lending, cards and trade transactions being the primary contributors of the said impressive growth. Net gains from trading amounted to Rs.278 mn, a growth of 251% YoY. The Bank does not have any exposure to the equity market.
Reflecting significant improvement in the quality of the portfolio, Net NPL ratio improved to 2.0% from 4% in the 2Q 2015 with a corresponding reduction in impairment charges from the comparative period.
The Bank’s total operating expenses increased by 29% to Rs.1,433 mn primarily due to investment spending on New branches, ATMs, staff and technology in line with the strategic plan.
The Bank remains well capitalised with a strong core capital adequacy ratio of 23.2% and a Total capital adequacy ratio of 22.8%.
The Bank’s balance sheet expanded by 16% YTD to reach Rs.82,302 mn. Loans and advances grew by 21% to Rs.48,513 mn during the period under review, while the customer deposits reflected a growth of 22% to Rs.45,803 mn.
The impressive results reveal the success of the expansion initiatives implemented by the Bank, following the TPG investment one of the largest, global private investment firms and affirm the Union Bank’s renewed strategic focus as a fully-fledged commercial bank serving a diverse clientele including Retail, SME and Corporate segments.
www.dailynews.lk
No comments:
Post a Comment