Union Bank’s 9-mth net sharply up 148%
View(s):Union Bank of Colombo PLC and its subsidiaries UB Finance Co. Ltd and National Asset Management Ltd have recorded a combined post tax profit of
Rs.415 million for the nine months ended September 2016, up sharply by 148 per cent from the same 2015 period.
The bank’s (standalone) post tax profit for the period was Rs.262 million, up by 125 per cent.
Commenting on the performance of the Bank, Director/Chief Executive Officer of Union Bank Indrajit Wickramasinghe said in a media release, “Union Bank’s first 9 months’ results are impressive, given the changes taking place in the market space. The growth achieved despite macro-economic challenges, can be attributed to the operational excellence and the renewed strategic business focus of the bank”.
The continuous improvement of the bank’s financial performance, affirms the success of the concerted efforts of the bank in its new strategic focus following the land mark investment from TPG – one of the largest, global private investment firms, the release said.
Key operational and business performance enhancers implemented up to the 3rd quarter of 2016 have contributed to the continuous growth of the bank’s financial performance, while strengthening its new positioning as a fully-fledged commercial bank serving a diverse clientele including Retail, SME and Corporate segments. Such crucial strategic steps implemented include efficiency enhancements, channel development as well as portfolio diversification, it said.