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Union Bank of India has reported a 10.77 per cent decline in its net profit to Rs 465 crore for the quarter ended March 31, 2009, compared to Rs 521.13 crore for the same quarter, year ago. However, its total income increased by 32 per cent to Rs 3,848.73 crore for the quarter ended March 31, 2009, as compared to Rs 2,913.10 crore for the quarter ended March 31, 2008. The bank also announced a dividend of 50 per cent or Rs 5 per share on the face value of Rs 10 each for the year 2008-09. Its net interest income was up at Rs 926.4 crore as against Rs 771.5 crore. Overall, the bank has posted a 24 per cent increase in its net profit to Rs 1,726.55 crore for the year ended March 31, 2009, as compared to Rs 1,387.03 crore for the year ended March 31, 2008. Its total Income also increased by around 27 per cent to Rs 13,371.93 crore for the year ended March 31, 2009, as compared to Rs 10,534.27 crore for the year ended March 31, 2008, the company said in a statement to the Bombay Stock Excha...

Lower outgo on account of taxation and staff cost helped Union Bank of India to report a 128 per cent increase in net profit for the quarter ended March 31, 2008. The after tax profit for the quarter increased to Rs 521 crore from Rs 229 crore in the corresponding quarter last year. However, the net interest income was marginally lower due to high interest costs, but other income increased by 29 per cent. The bank has proposed a dividend of Rs 4 per share of Rs 10 face value (40 per cent), against Rs 3.50 last year.

BoI net profit doubles in 3rd quarter (Business Standard 23th Jan 2008) The improvement in interest margins, sale of equity, recoveries and commissions helped Bank of India (BoI)to post a 101 per cent growth in is net profit for the third quarter ended December 2007 at Rs 512 crore as against Rs 255 crore in same period last year. Total income in the quarter grew to Rs 3,705.2 crore from Rs 2,641 crore a year ago. Net interest income rose by 26 per cent from Rs 859 crore to Rs 1,079 crore during the period. Net interest margins moved up from 2.97 per cent to 3.14 per cent. More Vijaya Bank net jumps to Rs 127 cr (Business Standard 23th Jan 2008) Bangalore-based public sector Vijaya Bank today reported a 36.82 per cent rise in net profit to Rs 126.88 crore during the third quarter ended December 31, 2007, on a y-o-y basis. The additional profit of Rs 34.1 crore was partially enabled by a writeback of Rs 22.5 crore on account of provisions and contingencies. Treasury operations yielded...

Technical Analyst, Ashwani Gujral told CNBC that he beleives one shold buy sugar scripts on dips, because he beleives sugar sector is about to turned around. Among the sugar sector stocks Gujaral is of the opinion that one can Keep Rs 95 stoploss in Balrampur Chini and he feels that the stock can goupto Rs 140. Regarding Geojit Financial Services he thinks that as the stockhas reached Rs 110-115 target set ny them and given the volatile market condition, one should book some profit on this counter. He beleives that the stock is poised to move further. He is positive about the financial sector and feels that IDBI has support Rs 158 and once it breaches Rs 180 he expects the stock to reach Rs 202. Regarding Bank of India he feels that it could easily climb upto Rs 470.

3 PSU banks mull rights issue (Business Standard 11th Dec 2007)Union Bank of India, Dena Bank, Oriental Bank of Commerce, the state-run lenders with the government stake below 55 per cent, will be considering rights issues to raise capital for meeting the Basel-II norms and support business growth. The government has given clearance for State Bank of India’s (SBI) proposed Rs 17,000 crore rights issue by agreeing to invest Rs 10,000 crore to maintain its stake at the current level of 59.73 per cent.