State-run Union Bank of India is looking for a capital infusion of Rs 1,000 crore from the government, for domestic expansion. Prior to this, it had raised $350 million via medium term note (MTN) for its overseas requirement. Capital infusion from the government will shore up the bank’s equity base to enhance lending to productive sectors.
On standalone basis, the bank has posted a rise of 10.16% in its net profit at Rs 511.59 crore for the quarter ended June 30, 2012 as compared to Rs 464.42 crore for the same quarter in the previous year. Total income of the bank has increased by 21.51% to Rs 6561.10 crore for quarter under review as compared to Rs 5399.68 crore for the quarter ended June 30, 2011.
