Union Bank: Strong growth in loans and advances in 3Q 2024
View(s):Union Bank announced its financial performance for the 9 months ending 30th September 2024, showcasing both resilience and growth in key areas, even as the bank navigates a challenging market environment.
Despite facing fluctuations in market interest rates and narrowed margins, Union Bank achieved significant milestones during the period under review. The bank secured a 22 per cent increase in loans and advances to customers, reaching Rs.75,744 million. Additionally, deposits grew by 9 per cent, amounting to Rs.96,328 million, highlighting the bank’s commitment to expanding its customer base, it said in a media release.
Total assets also increased by 2 per cent, reaching Rs.142,474 million. The Total Capital Adequacy Ratio remains
strong, well above
regulatory requirements.
However, the bank’s gross income reported a decrease of 29 per cent, totalling Rs.12,324 million, and net interest income fell by 26 per cent to Rs.3, 573 million, prompting the bank to focus on operational efficiency. Total operating expenses increased by 5 per cent, amounting to Rs.4,032 million.
Profit before tax for the 9-months was recorded at Rs.358 million, while profit after tax stood at Rs.117 million. The group performance mirrored this trend, with profit before tax at Rs.407 million and profit after tax at Rs.111 million.
Union Bank implemented several strategic initiatives aimed at driving growth and enhancing customer engagement. The bank relaunched its leasing and pawning business, supported by aggressive marketing campaigns across its extensive island-wide branch network. This initiative is designed to attract new customers and provide existing clients with more diverse financial solutions. Additionally, Union Bank signed a Memorandum of Understanding (MoU) with John Keells CG Auto to introduce the new BYD range of electric vehicles.
Furthermore, the bank achieved significant milestones in information security, becoming the first and only local bank to receive both the PCSIDSS Ver 4.0 and ISO 27001 certifications. The bank partnered with the USAID-supported Climate Adaptation Project in Sri Lanka to mobilise finance for climate adaptation solutions in the agriculture and tourism sectors.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!