Union Bank profit at Rs. 285 m in Q1 2025
View(s):Union Bank of Colombo PLC results for the first quarter 2025 has seen a 14 per cent year-on-year increase in net loans, underscoring the bank’s momentum in lending and its commitment to supporting retail, SME, and corporate sectors.
The bank posted a profit before tax of Rs.285 million, maintaining earnings stability despite income pressures and ongoing investments in digital infrastructure and operational expansion, it said in a media release.
At the group level, Union Bank reported a profit before tax of Rs.329 million, with group total assets reaching Rs.171 billion. Union Bank holds a 95 per cent share of the Union Bank Group, which includes subsidiaries National Asset Management Ltd and UB Finance PLC, contributing to the group’s consolidated performance and strategic diversification.
The healthy credit growth highlights the bank’s strengthened position in the financial services sector. Reflecting this lending momentum, the bank’s total assets rose to Rs.161 billion, a 10 per cent increase from December 2024. Deposits grew by 2 per cent to Rs.106 billion. Asset quality improved, with the stage 3 impairment ratio reducing to 11 per cent from 12.26 per cent at the end of the previous year highlighting the bank’s strong recovery focus. Additionally, the bank continues to maintain a capital adequacy ratio of 14.33 per cent. Net operating income increased by 11 per cent year-on-year to Rs.1.75 billion, supported by improved asset quality and effective risk management.
The bank continues to make strides in its digital journey with the implementation of Video KYC (VKYC) improving client convenience. Further, the bank’s commitment to SME and financial inclusivity has been strengthened with the ‘Power HER’ proposition, Sri Lanka’s first women’s banking proposition offering a free, fully integrated cash management solution.
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