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15 p.c. final from Union Bank
MUMBAI:
Union Bank of India has posted a net profit of Rs. 719.06 crores for the year ended March 31, 2005 against Rs. 712.05 crores in 2003-04. Total income increased from Rs. 5,347.77 crores to Rs. 5,735.89 crores. The directors have proposed a final dividend of 15 per cent in addition to the interim dividend of 20 per cent announced earlier, taking the total dividend to 35 per cent for 2004-05. The bank is likely to tap the market with an equity offering and Rs. 300 crore Tier-II bond issue to shore up its capital base for supporting its growing demand for credit and meeting Basel II norms.
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