Union Bank Director/CEO Indrajit Wickramasinghe

Union Bank of Colombo PLC (UBC) and its subsidiaries concluded the year 2015 with a notable business performance; reflectedby a 226% increase in post-tax profit that signals the strong growth momentum mobilized within the year.

The Bank’s Operating Income grew 24% YoY to Rs. 2,839Mn with Net Profit improving 238% YoY to Rs. 193Mn. Loans and Advances recorded a growth of 54% YTD to Rs. 40,095Mn while Customer Deposits grew 35% YTD to Rs. 37,653Mn. The Bank witnessed significant improvement in asset quality with Net NPA at 2.7% while total Assets of the Bank increased by 45% to Rs. 71,005Mn.