Union Bank recorded a 96% net profit for the first half of 2009 from the corresponding period last year, owing to increased revenues and streamlining expenditure.
In a press release, the Bank stated that the significant growth achieved in the first half of the year can be considered extremely encouraging taking into consideration the difficult operating conditions in the country.
It said the Bank's interest income increased by 20.7% to Rs.951.8 million for the six months ending 30 June 2009 from Rs.788.6 million in the preceding year. Other income mainly arising from commissions, foreign exchange and investments amounted to Rs.99.9 million for the period compared to Rs.81.6 million last year.
According to the press release, Union Bank recently strengthened its management with the recruitment of several high calibre and tested professionals specialized in HR, International Trade, Marketing and Credit Operations. The Bank also intends on making a significant contribution to the resurgence of the Northern Province. Accordingly, four out the five new branches to be opened in the ensuing months will be in the Northern Province, i.e. Jaffna, Vavuniya, Mannar and Chavakachcheri, and Wennappuwa.
With this expansion, Union Bank will increase its network to 19 branches, which will be linked on line on a real time basis.
Among the services that the Bank will offer through its new branches will be agricultural financing, micro-financing, financing to the fisheries, poultry and animal husbandry sectors, SMS banking, telebanking and Internet banking. |
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