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Union Bank posts LKR 780 Mn PBT in 2023

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Union Bank with CG Capital Partners Pte. Ltd, (indirectly acquiring the majority shareholding through its ownership in Culture Financial Holdings Ltd. CG Capital Partners Pte. Ltd,) increased its Profit Before Tax (PBT) by a noteworthy 119% to reach LKR 780Mn. The Bank’s Profit After Tax (PAT) also increased by 21% to LKR 379 Mn. as ofDecember 31, 2023.

The Bank’s Profit Before Tax (PBT) including its equity accounted share of subsidiaries increased by a noteworthy 119% to LKR 780Mn. and the Bank’s Profit After Tax (PAT) also increased by 21% to LKR 379 Mn. as of 31 December 2023. Taxes and levies during the year increased significantly due to the Social Security Levy (SSCL), increased VAT on financial services and the Corporate Tax rates.

Taxes and levies during the year increased significantly due to the Social Security Levy (SSCL), increased VAT on financial services and the Corporate Tax rates. The improved macroeconomic outlook during FY2023 positioned Union Bank to better navigate the evolving financial landscape. The Bank recorded a steadfast performance during FY2023, with an improved core banking performance with an 18% increase in gross income.

The Net Interest Income (NII) which was the main contributor increased by 8% to LKR 6,290 Mn. The Bank’s Operating Income before impairments was LKR 8,098 Mn an increase of 4%. The Impairment charge for the period was LKR 1,643 Mn. Despite prudent cost management initiatives, the Bank’s total operating expenses increased by 20% to LKR 5,120 Mn.

The Total Assets of the Bank stood at LKR 139,087 Mn as of 31 December 2023 which was a growth of 7% over the previous year. The Bank maintained a strong liquidity position during the period under review and the Liquid Asset Ratio stood at 37.93%.

The Bank’s Loans and Advances were LKR 62,208 Mn, whilst customer deposits were LKR 87,985 Mn. Supported by strong sourcing efforts across all business segments the Bank’s CASA ratio was recorded at 27%.

The Bank’s stage 3 loans ratio was at 12.5% as some of the large collateralised exposures moved into stage 3.The Union Bank Group, consisting of UB Finance PLC and National Asset Management Ltd., recorded an improved overall performance with a 72% increase in PBT amounting to LKR 901Mn and an increase in PAT by 10% amounting to LKR 464Mn for the period up to 31 December 2023.

The post Union Bank posts LKR 780 Mn PBT in 2023 appeared first on DailyNews.

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