Union Bank declares its 9 months results

Union Bank declares its 9 months results

Major highlights of last quarter - 

• The Bank opened its 58th Regional Office at Kottayam, Kerala, the Bank’s 4th in Kerala State after
Kozhikode, Ernakulam and Thiruvananthapuram.
•• The The Bank Bank bagged bagged ACI ACI Excellence Excellence Award Award 2012 2012 at at aa
Conference held in Bangkok - ACI Worldwide selects a few banks every year out of its global client list of
over 1000 banks and FIs and gives these awards for innovative use of their ATM switch software Base 24.
Bank received this award for implementing three remittance products NEFT, IMPS and Union e-Cash on its ATMs. The Bank has won this global award second year in a row.

Highlights for the quarter-ended December 31, 2012

Net Profit for Q3/FY13 up by 53.81% to ` 303 crore from Rs 197 crore in Q3/FY12. 
Net Interest Income for Q3/FY13 up 9.88% to  Rs.1891 crore from Rs`1721  crore in Q3/FY12
Net Interest Margin (on earning assets) for Q3/FY13 was 2.95%, as compared to 3.20% in Q3/FY12.
Non Interest Income for Q3/FY13 was Rs.640 crore, compared to `Rs 652 crore in Q3/FY12, marginal decrease of 1.84%
Return on average assets (annualised) is at 0.44 %in Q3/FY13 as compared to 0.35 % in Q3/FY12.
Return on equity (annualised) in Q3/FY13 is at 8.49 % as compared to 6.52 % in Q3/FY12.
Earning per share (annualised) in Q3/FY13 is at Rs`22.04 as compared to Rs`15.03 in Q3/FY12.
Cost-to-income ratio stood at 46.33% as against 45.89% in the corresponding period of last year.  
Highlights for the Nine Months ended December 31, 2012
Net Profit for Nine Months/FY13 improved by 35.01% to  Rs`1369 crore from Rs` 1014 crore in Nine Months/FY12. 
Net Interest Income for Nine Months/FY13 up 11.89% to  Rs`5563  crore from Rs`4972  crore in Nine Months/FY12
Net Interest Margin (on earning assets) for Nine Months/FY13 was 2.99%, as compared to 3.16% in Nine Months/FY12.
Non Interest Income for Nine Months/FY13 increased to Rs`1677 crore, from Rs`1637  crore in Nine Months/FY12, an increase of 2.44%.
Return on average assets (annualised) in Nine Months/FY13 improved to 0.68% from 0.61% in Nine Months/FY12.
Return on equity (annualised) in Nine Months/FY13 improved to 13.27% from 11.57% in Nine Months/FY12.
Earning per share (annualised) in Nine Months/FY13 increased to Rs`33.17 as compared to  Rs` 25.78in Nine Months/FY12.
Cost-to-income ratio stood at 46.16% as against 44.70% in the corresponding period of last year.  

Balance Sheet
Global Business grew by 18.76%, from  Rs`361518  crore to  Rs` 429352 crore as on December 31, 2012

Balance Sheet size of the Bank increased by 8.54% to  Rs`284595 crore as on December 31, 2012 from  Rs` 242187  crore as on December 31, 2011.

Domestic Deposits increased from  Rs`204498  cr. to  Rs`237465  cr., a growth of 16.12 %. Global Deposits increased from  Rs`205317 crore (December 2011) to  Rs` 239355 crore (December 2012), recording a growth rate of 16.58%.

 
Major Highlights – Last Quarter Q3 FY12-13
The Bank opened its 58th Regional Office at Kottayam, Kerala, the Bank’s 4th in Kerala State after Kozhikode, Ernakulam and Thiruvananthapuram.

The Bank bagged ACI Excellence Award 2012  at a Conference held in Bangkok - ACI Worldwide selects a few banks every year out of its global client list of over 1000 banks and FIs and gives these awards for innovative use of their ATM switch software Base 24.  Bank received this award for implementing three remittance products NEFT, IMPS and Union e-Cash on its ATMs.  The Bank has won this global award second year in a row.

Computer Society of India (CSI) awarded Bank the Winner trophy and a cash reward of Rs. One lac for Best IT innovation amongst banks in India. The Bank was considered for this award for implementation of Talking ATM for visually challenged. All the leading banks participated for this award. National Payments Corporation of India declared the Bank as the best Public Sector Bank for its NFS Operational Excellence Award 2012.  Last year the Bank was runners in PSB category.  These awards are given for operational excellence in ATM net work.  

The Bank bagged four awards at the IBA Banking Technology Awards.
IBA has instituted awards in eight different categories of the Bank bagged the following awards:
- Best Financial Inclusion Initiative - Winner (1st Prize)
- Best Technology Bank of the Year - 1st  Runner-up
- Best Use of Mobile Technology in Banking - 1st  Runner-up
- Best Use of Business Intelligence - 2nd Second Runner-up