Union Bank of India Q3

Union Bank of India posted a 16% growth in the third quarter net profit helped by treasury gains and higher income from its retail loan portfolio. The Mumbai-headquartered public sector lender posted a net profit of 349 Cr in the three months period ended December 31, 2013 against 302 Cr, a year ago. The bank said the growth was due to its focus on the retail, agriculture and micro, small and medium enterprises businesses. Total income rose 18% to 8,230 Cr. Total deposits grew 19% to 2,85,125 Cr, while total advances increased 20% to 2,27,745 Cr. Revenue from treasury operations increased to 2,173 Cr against 1,729 Cr, a year ago. The bank’s gross non-performing loans (NPA) increased to 8,776 Cr (6,384 Cr, a year ago). As a percentage of total loans, gross NPA’s grew to 3.85% from 3.36%, a year ago.

Punjab National Bank Q3

 

Despite its net profit taking a hit, Punjab National Bank has announced a 100% dividend, meaning every shareholder will get 10 for each share he holds. On the financial front, higher provisioning saw the bank’s net profit decline by over 42% for the three-month period that ended on December 31, 2013. However, the bank’s management claimed that the worst is over and the current fiscal year will end with better earnings. The bank recorded a net profit of 755 Cr during the three-month period ended December 2013 as against 1,306 Cr in the corresponding period last year. Announcing the results here, its Chairman K.V. Kamath said that the bank is back on the growth path and “it will end the current fiscal at par with the industry.” Indeed, some positive signs emerged in the third quarter as fresh accretion in bad loans came down to 1,500 Cr from over 3,000 Cr during previous quarters. At the same time, the net interest margin went up to 3.57% during the quarter from 3.47% in the corresponding period of 2012-13.

Punjab National Bank Q3

 

Despite its net profit taking a hit, Punjab National Bank has announced a 100% dividend, meaning every shareholder will get 10 for each share he holds. On the financial front, higher provisioning saw the bank’s net profit decline by over 42% for the three-month period that ended on December 31, 2013. However, the bank’s management claimed that the worst is over and the current fiscal year will end with better earnings. The bank recorded a net profit of 755 Cr during the three-month period ended December 2013 as against 1,306 Cr in the corresponding period last year. Announcing the results here, its Chairman K.V. Kamath said that the bank is back on the growth path and “it will end the current fiscal at par with the industry.” Indeed, some positive signs emerged in the third quarter as fresh accretion in bad loans came down to 1,500 Cr from over 3,000 Cr during previous quarters. At the same time, the net interest margin went up to 3.57% during the quarter from 3.47% in the corresponding period of 2012-13.

Punjab National Bank Q3

 

Despite its net profit taking a hit, Punjab National Bank has announced a 100% dividend, meaning every shareholder will get 10 for each share he holds. On the financial front, higher provisioning saw the bank’s net profit decline by over 42% for the three-month period that ended on December 31, 2013. However, the bank’s management claimed that the worst is over and the current fiscal year will end with better earnings. The bank recorded a net profit of 755 Cr during the three-month period ended December 2013 as against 1,306 Cr in the corresponding period last year. Announcing the results here, its Chairman K.V. Kamath said that the bank is back on the growth path and “it will end the current fiscal at par with the industry.” Indeed, some positive signs emerged in the third quarter as fresh accretion in bad loans came down to 1,500 Cr from over 3,000 Cr during previous quarters. At the same time, the net interest margin went up to 3.57% during the quarter from 3.47% in the corresponding period of 2012-13.