Union Bank net profit up by 5 percent in 2014-15

State-owned bank Union Bank of India on Tuesday said its net profit in 2014-2015 rose by five percent at Rs.1,782 crore from Rs.1,696 crore in 2013-14.

The bank's net interest income during the review period rose by 7.2 percent at Rs.8,444 crore against Rs.7,879 crore in 2013-14 while the non-interest income went up by 24.8 percent at Rs. 3,523 crore.

Its gross non-performing assets decreased by 4.96 percent from 4.1 percent during 2013-14.

In a filing with the National Stock Exchange, the bank said its amount of fiscal quarterly slippages have been declining during July 2014 to March 2015. During July-September quarter of last year, it stood at Rs.1,968 crore which went down to Rs.1,738 crore during the next quarter (October-December) and headed further south at Rs.1,547 crore during January-March this year.

"Collection efforts led to cash recovery and upgradation increasing to Rs.867 crore in January-March 2015, which is 125 percent higher than the amount during October-December 2014", the bank said in the statement.

During 2014-15, the bank's cash recovery stood at Rs.1,537 crore which is almost 100 percent higher than the figure in 2013-14.

In the timeframe under review, the bank's global business grew by nine percent at Rs.579,627 crore against Rs.532,007 crore as on March 31, 2014.

In 2014-15, the bank's global deposits also increased by 6.5 percent at Rs.316,870 crore against Rs.297,675 crore during 2013-14, while the domestic ones increased by an almost similar figure at Rs.312,230 crore against Rs.292,812 crore in 2013-14.

Overseas business during 2014-15 fiscal accounted for Rs.26,074 crore - up by 16.2 percent compared to Rs.22,445 crore in 2013-14.