Union Bank of India suffers against bad loans
By Vaibhav Aggarwal
Oct 28, 2010
Print    Email    RSS   

Public sector lender, Union Bank of India has suffered a big dip in net profits this time. The net profits of the bank have shown a 39.80% drop on y-o-y basis amounting to Rs 304 crore as on September 2010.

This fall has been attributed to large provisioning for non performing assets (NPAs) and tax payments.

The second quarter tax expenses for the bank has been Rs 228.35 crore, a 34.32% rise on y-o-y basis. There has been a huge surge in provisions for non performing assets (NPAs)by more than 500% y-o-y to Rs 629 crore.

The NPA level of banks has also taken a rise by 27% to Rs 1,462 crore. "We are aiming for a credit growth of 25% and deposit growth of 20% for FY11 and are targeting a CASA ratio of 35%,'' CMD MV Nair, said.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Gold based financing; 'loan to buy gold...
Plan for your retirement
Central Bank of India ordered to return...
Man caught for committing bank fraud
Loans to assist people with bad credit scores

HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive