Union Bank posts Rs. 358 Mn 9 month PBT

Union Bank announced its financial performance for the 9 months ending September 30, 2024 showcasing both resilience and growth in key areas, even as the bank navigates a challenging market environment.

Union Bank achieved significant milestones during the period under review. The bank demonstrated an impressive 22% increase in loans and advances to customers, reaching LKR 75,744 million.

Additionally, deposits grew by a solid 9%, amounting to LKR 96,328 million highlighting the bank’s commitment to expanding its customer base. Total assets also increased by 2%, reaching LKR 142,474 million, reflecting the bank’s robust financial standing. The Total Capital Adequacy Ratio remains strong, well above regulatory requirements, underscoring Union Bank’s stability and financial health.

While the bank’s gross income reported a decrease of 29%, totalling LKR 12,324 million, and net interest income fell by 26% to LKR 3, 573 million, these challenges prompted the bank to focus on operational efficiency.

Total operating expenses were increased only by 5 %, amounting to LKR 4,032 million, showcasing the bank’s effective cost management strategies. Profit before tax for the 9 months was recorded at LKR 358 million, while profit after tax stood at LKR 117 million. The group performance mirrored this trend, with profit before tax at LKR 407 million and profit after tax at LKR 111 million.

Union Bank implemented several strategic initiatives aimed at driving growth and enhancing customer engagement.