Union Bank Net Soars 54% To Rs 155 Crore

Union Bank of India has clocked a 54 per cent rise in net profit at Rs 155 crore for the year ended March 31, 2001, up from Rs 101 crore in last fiscal.

The net profit has been arrived at after providing for Rs 106 crore towards amortisation of voluntary retirement scheme (VRS) expenses. A total of 4,300 employees opted for the VRS and the total outgo, which is to be amortised over a five-year period, on this account is Rs 530 crore.

The bank is planning an initial public offer (IPO) to raise Rs 200-250 crore in September. The IPO will see the Centre