Union Bank of India has reported a 37 per cent growth in its net profit at Rs 155.89 crore in the first quarter ended June 30, 2003, as against Rs 113.91 crore in the corresponding quarter last year.
Chairman and managing director V Leeladhar attributed the increase in profitability to the cost of deposits coming down to 6.23 per cent as of June-end 2003 (as against 7.01 per cent as of June-end 2002) and net interest margin inching up to 3.44 per cent (3.43 per cent).
Interest income increased by seven per cent to Rs 1164.28 crore (Rs 1088.59 crore in Q1 of 2002-03) and other income rose by 16.49 per cent to Rs 113.38 crore (Rs 97.33 crore).
Interest expenses edged up by 1.10 per cent to Rs 725.54 crore (Rs 717.22 crore) and operating expenses rose 5.68 per cent to Rs 262.16 crore (Rs 248.06 crore).
In the reporting quarter, Union Bank
