Despite higher provisioning, public sector lender Union Bank of India on Wednesday reported a 29.3 per cent rise in net profit for the quarter ended March 31, on the back of healthy recovery from bad debts and lower employee cost.

Union Bank of India reported a 29% jump in net profit at Rs 773 crore for the quarter ended March 2012. It was Rs 597 crore in the same period a year ago.

United Bank of India (UBI) today reported a net profit of Rs 149.29 crore for the quarter ended March 2012, up by 4.2% over the corresponding period last year.

A day after country's largest lender SBI trimmed its fixed deposit rates, two more lenders -- Union Bank of India and Corporation Bank -- today slashed benchmark lending rate by 0.15%, making loans cheaper.

Debabrata Sarkar has assumed charge as the Chairman & Managing Director of the Union Bank of India.

With economic slowdown pushing up the tally of bad loans, Union Bank of India will focus on improving the management of non-performing assets (NPAs) and bolster its financial profile, said the new chairman and managing director, D Sarkar.

The ride hasn’t been smooth for M V Nair. When he retires from Union Bank of India tomorrow after a six-year stint, many would argue that he is leaving the state-owned entity much weaker.

Public sector Union Bank of India (UBI) on Thursday announced a decline in its interest rate on loans for home and small and medium enterprises (SME) from April.

Rating agency Moody’s on Monday downgraded the rating for Union Bank of India (UBI) by a notch, owing to weak asset quality and inadequate loss-absorption capacity.

Public sector lenders Bank of Baroda (BoB) and Union Bank of India today said they would take a call on slashing interest rates in specific segments once the RBI has announced its mid-term policy review.

A day after SBI reduced rates on education loans, Union Bank of India today said it may cut interest rates on home and education loans next month.

Union Bank has reported a net profit of Rs 197 crore for the October-December quarter of FY12, decreased 66%, as compared to Rs 579.57 crore in the corresponding quarter last year.

Union Bank of India is the first bank to cut its base rate in two years. Chairman and managing director M V Nair, in an interview with Manojit Saha, talks about the reasons.

State-run Union Bank of India today reduced benchmark lending rates marginally by 0.1% to 10.65%, a development which could signal a reversal of the high interest rate regime.

Credit ratings agency Fitch has affirmed that Union Bank of India continues to have low-default risk as it has the support from the government.

State-owned Union Bank of India today raised lending rate by 0.5 percentage points making existing loans costlier.

Union Bank of India (UBI) has tanked nearly 13% to Rs 210 after reporting lower-than-expected net profit of Rs 353 crore for the quarter ended September 2011, against Rs 303 crore in a year ago period.

The total income of the lender for the quarter rose to Rs 5,611.37 crore, from Rs 4,461.88 crore in the same period last fiscal, UBI said in a filing to the BSE today.

Union Bank of India (UBI) has rallied 7% to Rs 251 on reports that the public sector bank has sought a capital support of around Rs 350 crore from the government to shore up its lending capacity.

High inflation and increased interest rates are taking a toll on the credit demand. However, public sector lender Union Bank of India (UBI) continues to focus on key growth areas in farm and consumer sectors.