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Union Bank's net interest income at the end of nine months had increased by 52 per cent or 353 million rupees, to 992 million from the same corresponding period in 2007, according to a company statement and corporate results.
We are naturally very pleased with the growth in the two main categories of business development," says Mahendra Fernando, chief executive of Union Bank.
He says the results were achieved against the backdrop of a marked slowing-down of the financial services industry due to the global meltdown and high domestic inflation and borrowing costs.
The banks deposit base for the first nine months had increased by 15 per cent or 1.38 billion rupees, to 10.31 billion.
Union Bank's growth in advances for the period was 30 per cent or 1.85 billion rupees, to eight billion from the same corresponding nine months of last year.
All our lending activities have been evaluated with the Banks ultimate safety in mind, and not in the interest of short term gains," says Fernando.
Non interest income for the first nine months had increased by 52 per cent or 88 million rupees, to 258 million.
The number of bank branches had increased by one to 14 branches.
(LBO)
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