Union Bank net profit grows

PROFITS: The Union Bank of Colombo Ltd., has recorded a remarkable increase of 750% in net profit after tax for the 3rd quarter ended September 30 2006, while the pre-tax profit of the Bank grew to Rs. 113.63 m from Rs. 19.61 m, which is a growth of 480%. The growth was facilitated by a growth of 75% in net interest income.

The ROA had increased to a commendable 1.01%. Union Bank's Director/CEO, Mahendra Fernando said, "These results are remarkable in the context of the huge losses that this Bank was incurring just three years ago, and we are naturally very pleased at the significant extent of the turnaround.

In mid 2003, this Bank was ailing, and since then, the new management has been utterly committed to introducing strong fundamentals in order that stable foundations are placed beneath the enduring edifice that we seek to create of Union Bank," continued Fernando.