Union Bank says favourable performance in Q2
View(s):Union Bank of Colombo says its’ post-tax profit for the second quarter ending June 2013 rose by 119 per cent to Rs. 126.4 million, despite what it called “challenging market conditions during the first half of 2013”.
In a media release, the bank also reported an increase in profits by 18 per cent to Rs.189.3 million in the first half of 2013. Group profits for the period also rose but cumulative profits fell by 26 per cent to Rs.107.2 million “mainly due to the weak performance of the Q1”.
Group profits also dipped in comparison to the bank due to the slow performance of UB Finance during the period, the statement said.
Anil Amarasuriya, Director/ CEO said the bank had recorded significant growth in the second quarter despite the challenging external environment. He also stated that the growth the bank has achieved in this quarter will provide a positive platform to leverage sustainable growth in 2013.
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