By Gautam Chakravorthy/Bloomberg
Mumbai: Union Bank of India said its fourth-quarter (Q4) profit rose 58%, helped by gains from other income.
The Mumbai-based lender’s net income rose to Rs229 crore in the three months ended 31 March, from Rs145 crore a year earlier, the bank told the Bombay Stock Exchange.
Strong gains: M.V. Nair, Union Bank of India chairman and managing director.
Revenue, including gains from fees and trading in bonds, rose 34% to Rs2,337 crore from Rs1,745 crore.
The board of directors has proposed a final dividend of 20% for the financial year 2006-07 in addition to the 15% interim dividend paid during the year, the bank said.
Union Bank posted a 25% rise in net profit in the year ended 31 March to Rs845.39 crore, against Rs675.18 crore in the previous fiscal. The total income during the period grew to Rs8,068.72 crore, up 27%, from the previous year’s Rs6,358.20 crore.
The bank’s shares closed at Rs108.85 on Monday, 7 May, down Rs0.85 or 0.77%, from its Friday close on BSE.
PTI contributed to this story.