Union Bank of India has reported a 136 per cent jump in net profit at Rs 93.36 crore for the quarter ended September 30, 2002, as against Rs 39.50 crore in the corresponding quarter last fiscal. Profitability in the reporting quarter was aided mainly by lower interest and operating expenses.
For the half-year ended September 30, 2002, the bank showed a 102 per cent rise in net profit at Rs 207.27 crore, as against Rs 102.53 crore during the first half of 2001-02. For the reporting quarter, interest earned by the bank increased 7.47 per cent to Rs 1055.63 crore (Rs 982.19 crore in Q2 of 2001-02). Income from other sources was up 5.34 per cent at Rs 123.47 crore (Rs 117.20 crore).
Interest expended by the bank in the reporting Q2 declined 3.42 per cent to Rs 659.16 crore (Rs 682.53 crore). The bank also managed to bring down operating expenses by 5.23 per cent to Rs 239.68 crore (Rs 252.91 crore).
V Leeladhar, chairman and managing director of Union Bank, attributed the improved profitability to the bank
