Union Bank Q2 net up 42% at Rs 276cr

Mumbai-based Union Bank of India has posted a 42.03% increase in net profit at Rs 275.78 crore during the second quarter of 2007-08 from Rs 194.16 crore in Q2FY07 on a robust increase in fee-based income.

Total income went up 31.21% to Rs 2,525.65 crore from Rs 1,924.85 crore in the quarter ended September 30, 2006.

Net interest income increased 7.21% to Rs 672.8 crore for the quarter ended Spetember 2007 from Rs 627.52 crore in the year-ago period. Other income rose 41.22% to Rs 270.82 crore from Rs 191.76 crore in Q2FY07.

Capital adequacy ratio increased to 11.55% at the end of September from 10.79% in the year-ago period.