Union Bank’s PAT at Rs.1.2 billion in 2024
View(s):Union Bank has reported a resilient financial performance for 2024, achieving a Gross Income of Rs.16.5 billion and a Net Interest Income (NII) of Rs.4.8 billion.
While a declining interest rate environment necessitated repricing of the loan book, impacting income levels compared to 2023, the bank, in a media release, said it demonstrated growth across key business segments, reaffirming its commitment to customer-centric banking.
The bank’s gross loan portfolio grew by 28 per cent year-on-year to Rs.88.3 billion, significantly outpacing the industry average growth rate of 4.1 per cent. This expansion was driven by the bank’s strategic focus on innovation and tailored financial solutions for its diverse customer base. Union Bank’s deposit base crossed the Rs.100 billion milestone to Rs.103.7 billion.
The bank’s Profit Before Tax (PBT) for 2024 was Rs.1.2 billion and the Profit After Tax (PAT) was Rs.300 million. The sank also maintained a robust capital ratio of 16.6 per cent, well above regulatory requirements. In 2024, Union Bank Group recorded a PBT of Rs.1.4 billion and PAT for the group was Rs.300 million.
Dilshan Rodrigo, Director/ CEO of Union Bank said: “We are committed to transforming the bank by embedding our core values of customer centricity and service excellence, supported by a digital-first approach, into everything we do.”
As part of its transformation under CG Corp Global, the bank has undertaken a major brand revamp, introducing a new identity and the promise of Transforming Lives.
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