Union Bank Q4 net dips 11% at Rs 465 cr

Union Bank of India has reported a 10.77 per cent decline in its net profit to Rs 465 crore for the quarter ended March 31, 2009, compared to Rs 521.13 crore for the same quarter, year ago.

However, its total income increased by 32 per cent to Rs 3,848.73 crore for the quarter ended March 31, 2009, as compared to Rs 2,913.10 crore for the quarter ended March 31, 2008.

The bank also announced a dividend of 50 per cent or Rs 5 per share on the face value of Rs 10 each for the year 2008-09. Its net interest income was up at Rs 926.4 crore as against Rs 771.5 crore.

Overall, the bank has posted a 24 per cent increase in its net profit to Rs 1,726.55 crore for the year ended March 31, 2009, as compared to Rs 1,387.03 crore for the year ended March 31, 2008.

Its total Income also increased by around 27 per cent to Rs 13,371.93 crore for the year ended March 31, 2009, as compared to Rs 10,534.27 crore for the year ended March 31, 2008, the company said in a statement to the Bombay Stock Exchange.