Union Bank post tax profit up 39 %

Union Bank of Colombo PLC (UBC) reported a 39 % increase in post tax profit to Rs. 87.2 million during the third quarter ending September 30, 2012 reinforcing its position as one of Sri Lanka’s fastest growing banks. The bank’s pre-tax profit improved by 25 % and Net Interest Income increased by 19 % during the same period.

At the end of the quarter ending September 30, 2012, total deposits increased to Rs 21.9 billion recording a 13 % growth and total assets grew by 14 % to Rs 29.749 billion n in comparison to December 31 2011.

The Union Bank also reported a post tax profit of Rs.188.4 million for the first nine months of 2012.

Anil Amarasuriya, Director / CEO of Union Bank expressed his satisfaction over these results which reflects the banks potential and ability to continue to emerge as a strong performer in the industry and fulfill its continued commitment to position itself as one of Sri Lanka’s fastest growing banks. Amarasuriya also said the bank is investing significantly in brand building, technology and network expansion. The introduction of a new advanced Core Banking Solution is in progress to enable the bank to add further value to its management processes and service delivery.

This is undertaken in partnership with the internationally renowned banking solutions supplier, Silverlake Systems, Malaysia to further enhance the banks technology enabling the Union Bank to be in the forefront as a technologically advanced bank in Sri Lanka. Value additions to existing product portfolios and launching of new products to deliver unique value propositions to customers are also being considered to strengthen the bank's primary focus of being the preferred bank for Small & Medium Enterprises (SME) and Retail sectors.