On February 27, ICICI Prudential Life Insurance Company bought around 68 lakh shares of Union Bank of India at Rs 123 a share and TCI Cyprus Holding sold close to 92 lakh shares at the same price on the National Stock Exchange. The bank recently announced a rationalisation of interest rates for home and auto loans. Home loans where cut between 25 and 100 basis points to 9.75 per cent and 10.75 per cent. Union Bank recorded an impressive 34 per cent increase in operating profit to Rs 854 crore in the
third quarter ended December 2008. Net interest income increased 50 per cent and net profit was at Rs 671 crore, an 83 per cent growth from the Rs 365 crore in the previous corresponding period.
Related posts: