Union Bank, which says its Sri Lanka’s fastest growing bank, has reported a noticeable upturn in its performance for the nine months to 30 September 2011 with post-tax profit up sharply by 75.4% to Rs 191.3 million.
Pre-tax profit increased by 37.5% to Rs 304.7 million from last year.
The bank said in a statement that gross loans and advances increased by 56.50% during the 9-month period to reach Rs 15.7 billion whilst total deposits increased to Rs 16.4 billion.
Anil Amarasuriya, Director/CEO of Union Bank emphasized on the bank’s future potential and its ability to emerge as a strong performer in the industry. “Following the bank’s successful Initial Public Offering, the bank is now strategically positioned to embark on an aggressive growth strategy and its expansion plan to become a financial power house has taken positives strides in a short period of time with the rapid expansion of its branch network and related diversifications,” he added.
Mr. Amarasuriya further disclosed that the bank is investing significantly in brand building and network expansion as well as value additions to its existing product portfolios. |
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