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10 August 2017, 01:35 | Erma Lawrence
Union Bank of India set to raise Rs 2000 crore
Net profit was Rs 877.1 million in the quarter ended June 30, compared with a loss of Rs 7.41 billion a year earlier, the Mumbai-based bank said on Wednesday (9 August).
Recovery in the quarter improved to Rs 1,360 crore from Rs 970 crore in the year-ago period.
Other income (non-interest income) grew by 21.8 percent to Rs 135.34 crore and operating profit rose by 26 percent to Rs 296.96 crore compared with same quarter previous year.
Total income grew almost 9% to Rs 960.86 crore compared to the year-ago quarter.
The PSU bank was able to contain its fresh slippages at Rs 4,037 crore from Rs 6,233 crore a year ago. "In some of the accounts, we have provided 100 per cent", Mohapatra said.
Provisions for bad loans jumped 63.8 percent quarter-on-quarter and 65 percent year-on-year to Rs 116.6 crore in June quarter.
Provisions fell to Rs 2,246 crore from Rs 2,770 crore in the year-ago period.
During the quarter, the company produced 1,00,695 tonnes of aluminium, which is 6.6 per cent more than 94,496 tonnes produced in the 1st quarter of previous financial year. The bank's deposits increased by 9% to Rs 30,468 crore, while its advances grew 13% to Rs 24,058 crore.
Gross advances grew 0.90 per cent to Rs 3,91,062 crore.
CUB has given a growth guidance of 15-18 per cent for this fiscal and Kamakodi said the bank was entering into a falling interest-rate regime.
In the current financial year, the bank is planning to seek Rs 2,500 crore capital from the government, Mohapatra said.
Shares of the company closed 0.72 per cent up at Rs 70.35 on the BSE.
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