Union Bank of India is planning to review lending rates within 10 days following the increasing cost of fund and pressure on margin. The increase in bond yields is affecting the market while banks are striving for resources all the time. The bank’s decision will depend largely on its resource position and deployment opportunities.
The bank has reported a rise of 9.51% in its net profit at Rs 560.22 crore for first quarter ended June 30, 2013, as compared to Rs 511.59 crore for the same quarter in the previous year. Total income from operation of the bank has increased by 16.04% to Rs 7613.53 crore for the quarter under review as compared to Rs 6561.10 crore for the quarter ended June 30, 2012.
