Union Bank continues strong growth momentum in 1H 2016
View(s):Union Bank of Colombo PLC and its subsidiaries UB Finance Co. Ltd and National Asset Management Ltd (Namal) has reported a surge in pre-tax profit growth in first half 2016 of 233 per cent to Rs. 275 million. Operating income of the group grew 31 per cent to Rs. 2,120 million for the same period. Total assets of the group rose 16 per cent to-date to reach Rs.88,946 million, the bank said in a media release. Post tax profit for the period was Rs.154 million, up 156 per cent from the same 2015 period. Commenting on the performance of the bank, Director/Chief Executive Officer Indrajit Wickramasinghe stated, “The bank’s strong half year performance affirms the steady progression of Union Bank towards its strategic positioning as a fully-fledged commercial bank.
With the backing of a strong capital base, a focused business plan and a dynamic team geared for performance, Union Bank will continue to build on this success during the rest of the year while taking on the challenges and opportunities in the market.” The bank’s total operating expenses increased by 29 per cent to Rs.1,433 million primarily due to investment spending on new branches, ATMs, staff and technology in line with the strategic plan. The media release said the results reveal the success of the expansion initiatives implemented by the bank, following the land mark investment from TPG – 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.