Sushil Finance company in relation to the Union Bank of India is of the view that it has a recommendation of buying rates to the stocks of the value Rs 350, as of in August, says a recent research.

They revealed that during the 1st quarter, the stocks were of the value Rs. 15.9 bn. This has taken an upsurge in the recent past and has gone up by as much as 18%. The interest income of the bank also saw growth of 11%. The net profit of the bank saw de-growth of as much as 23% and is now at Rs 4.64bn, for the Q1FY12. It was also said that the advances of the SBI saw a modest increase of 2%. While in the same quarter, there was an upsurge seen in the corporate credits of the bank. There were a lot of changes seen in the earnings of the bank and this can partly be blamed on the economic distress going on in the world right now.

“Union Bank of India (UBI) in Q1FY12 has reported decline in net profit by 23% YoY, mainly dragged by higher provisions on bad loans & restructured assets. NII grew by 18% YoY while core fee income remained muted with a marginal 5% YoY growth”, revealed the firm.