Union Bank of India seeks Rs 950-1,000 crore worth capital infusion from Union Government

17 Aug 2012 Evaluate

In order to meet its business needs this financial year, State-run Union Bank of India (UBI) would seek Rs 950-1,000 crore worth capital infusion from the Union Government. The bank, which sought Rs 650 crore from the government last year, aims to achieve 18-20% growth in business for this financial year.  This development comes on the heels of the bank raising $350 million, by selling five-year bond deal at a yield of 3.90 percentage points, which more than comparable the price of U.S. Treasuries as on August 15.

On standalone basis, the bank has posted a rise of 10.16% in its net profit at Rs 511.59 crore for the quarter ended June 30, 2012 as compared to Rs 464.42 crore for the same quarter in the previous year. Total income has increased by 21.51% at Rs 6561.10 crore for quarter under review as compared to Rs 5399.68 crore for the quarter ended June 30, 2011. Gross non-performing assets (NPAs) rose to 3.76% in the April-June quarter as against 2.57% in the same quarter previous year while net NPAs increased to 2.20%.

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