Union Bank net zooms 58%

CORPORATE SCORECARD

Union Bank of India has posted 58.06 per cent increase in net profit at Rs 228.58 crore for the fourth quarter ended March 31 compared with Rs 144.61 crore for the same period in the previous year. Total income grew 33.87 per cent to Rs 2,336.72 crore in the quarter from Rs 1,745.47 crore for the corresponding quarter a year ago, the bank informed the Bombay Stock Exchange.

The board of directors of the bank proposed a final dividend of 20 per cent for the financial year 2006-07 in addition to the 15 per cent interim dividend paid during the year, the company added. The bank recorded a 25 per cent rise in net profit in the year ended March 31 to Rs 845.39 crore compared with Rs 675.18 crore in the previous financial year. Total income during the period grew to Rs 8,068.72 crore, up 27 per cent, from previous years' Rs 6,358.20 crore. The shares of the bank were trading marginally up at Rs 109.80 on the BSE.

J&K Bank Q4 net doubles to Rs 45 cr

PSU lender Jammu and Kashmir Bank reported nearly two-fold jump in net profit to Rs 45.28 crore for the fourth quarter ended March 31, compared with Rs 22.79 crore for the corresponding period a year ago. Total income of the bank, which has over 514 branches, rose 16.5 per cent to Rs 575.02 crore for the January-March period as against Rs 493.65 crore for the corresponding period in 2006.