Union Bank said last week it completed one of its most outstanding quarters, posting pre-tax profits of Rs 117.5 million for the first quarter of 2011, up 97.6% when compared to the same period in 2010.
Anil Amarasuriya Director / CEO of Union Bank said after the bank IPO, the most successful ever that went up to being over 300 times oversubscribed, the bank stands on a threshold of rapid expansion and consolidation of core strengths.
In keeping with expansion plans, Union Bank opened four new branches in the first quarter to date increasing its network to 26 island-wide with the newest branch opening in Piliyandala on May 10. There are plans to open more branches, which will see the bank compete on many different levels.
“Having emerged as a power house in banking and committed to building a strong acquisition portfolio, the Union Bank acquired a 51% stake in National Asset Management under its management arm. The bank plans to make its presence felt in the financial industry with acquisitions that will enhance growth,” he said in a statement.
Post-tax profits showed a growth of 221% when compared to last year. During the period under consideration, the total asset base of the bank expanded by 9.5% to Rs 20.24 million at the end of the quarter.
“On the whole, the first quarter of 2011, in the immediate after-glow of the IPO, has placed Union Bank in a sturdy position, poised for expansion and consolidation unseen before in the banking sector,” Mr Amarasuriya said.