Union Bank of India

Union Bank targeting 9-10 % deposit growth

Union BankKochi: Union Bank of India is targeting 9-10 percent growth in deposits and 11-12 percent in its advances over last year, a top official said on Saturday.

"The bank's deposits are expected to grow by 9-10 percent and advances by 11-12 percent this fiscal," Chairman and Managing Director, Arun Tiwari, told reporters here.

The bank has a total branch strength of 3900 pan India, and will be adding 200 more branches this year of which 15 would be in Kerala.

He said 3000 employees were recruited this year and were undergoing training.

Union Bank of India Q1 profit up 18.5% at Rs 664 crore

Union-BankMumbai: Union Bank of India today reported 18.5 percent increase in net profit at Rs 664.11 crore for the first quarter ended June 2014.

The state-owned bank had a net profit of Rs 560.22 crore during the corresponding period of the previous fiscal.

Total income of the bank rose to Rs 8,547.56 crore as against Rs 7,613.53 crore in the same quarter a year ago, Union Bank of India said in a statement.

Net interest income increased by 10.8 percent to Rs 2,117 crore against Rs 1,910 crore in the first quarter of the previous fiscal.

Union Bank of India to raise Rs 1,386 cr via QIP

Union-BankNew Delhi: State-owned Union Bank of India has proposed to raise Rs 1,386 crore through Qualified Institutional Placement (QIP) to fund its business growth.

Shareholders of the bank have approved raising of capital up to Rs 1,386 crore by way of QIP, UBI said in a statement.

The bank had earlier planned the QIP last fiscal but it was called off considering poor market conditions.

Therefore, the bank sought extension of the proposal from shareholders for raising fund through QIP in 2014-15. It is looking to raise the fund during the second quarter of the current fiscal.

Union Bank of India expects total business to grow by 12 percent this fiscal

Union Bank of IndiaVaranasi: State-run Union Bank of India (UBI) has said it expects the total business to grow by around 12 per cent in the current fiscal over the Rs 5.32 lakh crore turnover achieved in FY 2013-14.

The bank's rising bad assets or NPAs (non-performing assets) is a major concern, UBI Chairman and Managing Director Arun Tiwari told reporters here yesterday, adding that with an improvement in the Indian economy, the NPAs may come down.

Public sector banks lining up to declare interim dividend

Union Bank of IndiaWhile Union Bank of India (UBI) has already declared an interim dividend, Dena Bank is going to hold a meeting of its board members to consider declaration of interim dividend for the fiscal year 2013-14.

In a recent filing to the Bombay Stock Exchange (BSE), Dena Bank said that its board members would hold a meeting on January 11, 2014, to take a decision on interim dividend.

UBI Net Zooms 4.2% In Q4

UBIUnited Bank of India (UBI) announced that it has posted a rise of 4.2% in its net profit, which remained at Rs 1.49 billion for the three month period ended March 31, 2012 as against Rs 1.43 billion during the same period last year.

Kolkata-based bank registered a net profit of Rs 6.32 billion during the last financial, up by 20.7% as against the last financial.

UBI chairman and managing director Bhaskar Sen stated, "The rate of growth in profit was slow as 2011-12 was a difficult year with higher slippage in NPA (non-performing assets) and cost of funds."

Union Bank of India hikes base rate by 50 basis points

Union Bank of India hikes base rate by 50 basis pointsMumbai, Aug 6 : Public sector lender Union Bank of India (UBI) Saturday said it has increased its base rate by 50 basis points following hike in key interest rates by the Reserve Bank of India (RBI).

"The bank has revised base rate by 50 bps from 10.25 percent to 10.75 percent per annum. The revised rate is effective from Aug 8, 2011," it said in a regulatory filing.

Credit Card Numbers going down in India

As per data submitted by the Reserve Bank of India (RBI), credit card number has been steadily falling from April 2010 to December 2010. There were 19.3 million in April 2010 whereas in December 2010 it reaches at 18.1 million.

This shows that credit card number reduced by 12.3%.

During current fiscal year banks are more cautious over issuing credit cards because they have experienced recession in past few years. On the occurrence of recession, banks have witnessed defaults as a result banks have started blocking the outflow of credit. Banks are treating credit cards as personal loans because they are unsecured and funds are used for incurring personal expenses.  

Union Bank posts disappointing results

Union Bank posts disappointing results  One of the leading names in the Indian banking industry, Union Bank of India has recently posted disappointing Q2 results in the Indian market wherein the banking giant has said that it net profits have fallen by close to 40%.

While the bank said that it has provided more for rising bad loans which may keep rising, but at a slower pace. According to the numbers posted by the bank, the earnings stood at Rs 304 crore, which was much down from the Rs
505 crore earned by the bank in a year ago period.

UBI Posts Rs 593.5 Crore Net Profit In Q4

UBI Posts Rs 593.5 Crore Net Profit In Q4Union Bank of India registered a net profit of Rs 593.50 crore for the three month period ended March 31, 2010.

For fiscal ended March 31, 2010, UBI's net profit stood at Rs 2,074 crore as against Rs 1,726.55 crore during the same period of 2009.

The company recorded a net profit of Rs 465.06 crore during the fourth quarter of fiscal 2009.

UBI Staff Protests IPO

UBI Staff Protests IPOApproximately 7,500 staff members of the United Bank of India (UBI) Tuesday struck work to protest the bank's IPO.

According to the reports, UBI is disinvesting 15.8% of its stake.

UBI Employees Union (UBIEU) general secretary Sukhomoy Sarkar said, "Till now the strike is very successful. Around 1,100-1,200 branches of the bank across the country were completely shut down."

The public sector banking institution runs 1,507 divisions across the country.

UBI IPO price band is likely to be Rs.60-66

UBI IPO price band is likely to be Rs.60-66Public sector bank United Bank of India (UBI) clarified on Thursday that the price band for its upcoming public offer would have a price band of Rs. 60-66. The bank is expecting to raise Rs. 350 crore from the issue that would end up diluting government's stake to 84.2 per cent from existing 100 per cent.

Scheduled to open on February 23 and close on February 25, the issue offers five crore equity shares for taking. Retail investors would be issued at five per cent discount on the issue price.

Finance Ministry Says Yes to UBI IPO

union bank of indiaAfter much talks and discussions, the Finance Ministry has given the nod to Kolkata-based United Bank of India to go public and hold its Initial Public Offering by January-end or early February,

With the offering, the bank is looking to raise nearly Rs. 350 to 400 crore worth of fresh funds, although much will depend on the premium, which has not been decided yet. As of now, the bank is looking to float 5 crore equity shares, at a face value of Rs. 10 per share.

UBI is currently 100% Government owned, but the state's share would be reduced to around 85% after the IPO.

Tata Motors inks MoU with Union Bank of India

Tata Motors inks MoU with Union Bank of IndiaTata Motors, India based largest automobile company, has entered into a memorandum of understanding (MoU) with the Union Bank of India (UBI).

Under the arrangement, the lender will provide an added facility to Tata Motors' dealers for funding of their purchases of the company's cars and utility vehicles.

With this signing of deal, UBI has become one of the preferred channel financiers of Tata Motors. UBI has a large network of over 2,650 branches across the country.

Union Bank of India inks MoU with ONICRA

union bankUnion Bank of India, one of the largest Public Sector Banks, has entered into an MOU with ONICRA Credit Rating Agency of India Ltd.

By signing the pact with ONICRA, Union Bank of India is anticipating expansion of its MSME customer base and at the same time it aims in bringing the awareness among its customers about the credit rating.

ONICRA is a specialized Credit Rating Agency, which offers spectrum of services to MSMEs exclusively. The company has network of 150 inter-connected offices covering over 400 locations and is actively involved in creating awareness about rating among MSMEs.

Union Bank of India Long Term Buy Call: Abhishek Jain, StocksIdea.com

Union Bank of India Long Term Buy Call: Abhishek Jain, StocksIdea.comUnion Bank of India was registered on November 11, 1919 as a limited company with its registered office at 7, Marzban Road, Fort, Mumbai. Union bank shifted its registered office in 1921 to its own premises at Mumbai Samachar Marg, Fort, and Mumbai. In 1947, the ank  had only 4 branches; 3 in Mumbai and 1 in Saurashtra, all concentrated in key trade centers because the then Board of the bank was closely associated with trade and commerce.

Ashok Leyland inks MoU with Union Bank of India; Stock climbs 5%

Ashok Leyland inks MoU with Union Bank of India; Stock climbs 5%Hinduja Group-promoted Ashok Leyland, India's second-largest maker of trucks and buses, has entered into a Memorandum of Understanding (MoU) with Union Bank of India (UBI), to extend retail finance facility to Ashok Leyland's commercial vehicle customers as well as for their dealers' inventories.

Under the arrangement, the bank will offer loans to Ashok Leyland's customers and dealers at 100 basis points lower than its PLR (Prime Lending Rate) as against their PLR for other commercial vehicles.

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