Union Bank of India, one of the largest public sector banks of India, is planning to launch its Rs 1,386-crore qualified institutional placement (QIP) issue in the second quarter of FY15. This QIP will improve the bank’s core tier-I capital, which had stood at 7.54% in March quarter, by 0.50%.
The bank has posted a fall of 26.66% in its net profit at Rs 578.96 crore for the quarter ended March 31, 2014 as compared to Rs 789.38 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.59% at Rs 8444.95 crore for quarter under review as compared to Rs 7500.59 crore for the quarter ended March 31, 2013.
