Union Bank reports strong 9 months’ growth in 2017
View(s):Union Bank, continuing its strong growth momentum, has reported a pre-tax profit of Rs. 437 million for the 9-month period ending September 2017, up 44 per cent from the same 2016 period.
In a media announcement, the bank said post-tax profit was up 8 per cent at Rs.341.4 million by end September while the post-tax profit of the entire banking group fell by 4 per cent to Rs.410 million in the same period compared to a 24 per cent rise in pre-tax (group) profit at Rs.560 million.
The Year-on-Year (YoY) post-tax profit growth was impacted due to one-off income recorded from subsidiaries during the comparative period last year.
The bank’s loans and advances grew by 22 per cent Year to Date (YTD) while Net Interest Income (NII) rose to Rs. 2,318 million in the third quarter, up by 40 per cent Year on Year (YoY).
“Union Bank’s well executed strategic initiatives for Fee Income growth continued throughout the reporting period, resulting in a healthy growth of Net Fee and Commission Income. The bank’s Treasury performance was notable and recorded an increase of 88 per cent,” the release said.
Stemming from the overall growth in core banking activities, the total operating income of the bank continued to rise by 24 per cent YoY to Rs. 3,296 million. Total assets of the bank grew to Rs. 116,299 million, up 25 per cent from the corresponding 2016 period.
Commenting on the bank’s performance Director/CEO Indrajit Wickramasinghe said “I am happy to share this impressive performance up to the end of the 3rd quarter for Union Bank, which is a clear affirmation of the bank’s focused strategy to win market share through profitable and inclusive expansion in terms of product portfolios, geographic reach and technological lead”.