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.

Union Bank of India new Chairman- Mr. Arun Tiwari

Public sector lender Union Bank of India on Saturday said Arun Tiwari assumed charge as its new chairman and managing director. Tiwari, who has over 30 years of experience, started his career with Bank of Baroda and was an executive director at Allahabad Bank prior to his new job. Tiwari set up the operations of Bank of Baroda in Kuala Lumpur and Singapore and played a key role in the bank's Project Navnirman and Project Sparsh initiatives.

Union Bank to use 3i Info tool

3i Infotech has entered into an agreement with Union Bank of India to implement AMLOCK, the company’s anti money laundering software.