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| Saturday, 24 July 2004 |
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Union Bank records Rs. 20m profit In a significant turnaround, Union Bank recorded a profit of over Rs. 20 million by the end of 2003. This came after three years of continued losses mainly due to bad loans. In the first three months of 2004, the Bank continued this profit making trend, recording profits of Rs. 4.2 million compared to the loss of Rs. 38 million in the first three months of 2003. The results as at June 30, 2004, which will be published soon, will show further improvement, states a press release issued by the Union Bank of Colombo yesterday. According to Mahendra Fernando, CEO, Union Bank, the profits recorded so far are a clear indication of the Bank's successful restructuring program. He said a significant feature in restructuring, which commenced in August 2003, was the transfer of beneficial interest in specific non-performing loans to a special purpose vehicle. He said in 2004, the Bank would continue to restructure in a more intensified manner as they have put in an experienced and energetic team to carry forward the Bank's programs. Fernando said in the short-term, the Bank's aim is to consolidate its various strengths and advantages. He said the proven loyal customer base has been very good for the Bank's success. In addition, new corporate businesses and medium and small-scale businesses will be tapped to boost the Bank's business volumes in the future. Since restructuring, the Bank's deposit base has grown by over Rs. 13 billion which advances have also grown commensurately, which indicates a very satisfying level of customer confidence. Union Bank is also capitalising on a very professional team of IT specialists. The Bank has the distinction of being the first to introduce many IT related banking products to the local market. They recently introduced a scheme where gold jewellery can be deposited with the Bank while its value can be drawn through ATMs worldwide. Fernando said together with the entire team at Union Bank, he is determined to deliver the best customer care across its branch network. |
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