Union Bank of India has received an approval for raising equity capital up to Rs 1,000 crore on preferential/QIP/Rights basis towards capital infusion in addition to Rs 1,500 crore approved in Board Meeting held on December 27, 2012 i.e. total equity infusion of Rs 2,500 crore subject to approval of Government of India/RBI and various regulations and laws related thereto
The board at its meeting held on January 30, 2013 has approved for the same.
The bank has posted a rise of 57.31% in its net profit at Rs 554.56 crore for the quarter ended September 30, 2012 as compared to Rs 352.52 crore for the same quarter in the previous year. Total income has increased by 18.61% at Rs 6655.66 crore for quarter under review as compared to Rs 5611.37 crore for the quarter ended September 30, 2011.
Gross non-performing assets (NPAs) of the bank have increased to 3.66% for the quarter as against 3.49% in the previous quarter. Net non-performing assets (NPAs) of the bank were at 2.06%, marginally higher than 2.04% in the previous quarter.
