Union Bank of India on Wednesday announced a net profit of Rs 521.13 crore for the quarter ended March 31, an over two fold increase from the corresponding period last year.
The bank had reported a net profit of Rs 228.58 crore for the quarter ended March 31, 2007, the bank said in a filing to the Bombay Stock Exchange.
Total income of the bank increased to Rs 2,913.10 crore for the fourth quarter this fiscal from Rs 2,336.72 crore a year ago.
For the year ended March 31, the bank reported a net profit of Rs 1,387.03 crore as against Rs 845.39 crore in the last fiscal and its total income grew to Rs 10,534.27 crore to the same period against Rs 8,068.72 crore last year.
Shares of the bank were trading at Rs 175.80, up 2.06 per cent on BSE in the afternoon trade.
Courtesy : FINANCIALEXPRESS.COM
UBI Q4 net jumps two fold to Rs 521 cr
May 8, 2008, 11:29 amIndia's debt at 41.7% of GDP in FY08
May 8, 2008, 11:19 am
India's total debt was estimated at 19.57 trillion rupees or 41.7 percent of gross domestic product (GDP) in the fiscal year ended March, a junior finance minister said on Tuesday.
In a written reply to parliament, Pawan Kumar Bansal said the internal debt of the federal government was estimated at 18.44 trillion rupees while external debt was at 1.13 trillion rupees at the end of 2007/08.
"While the internal and external debt of government has been increasing in absolute terms, as a percentage of GDP, it has gone down from 43.1 percent in 2003/04 to 41.7 percent in 2007/08," he said.
India's GDP, which is estimated to have grown by 8.7 percent in 2007/08, has crossed the $1 trillion mark.
Bansal said external debt rose to 2.4 percent of GDP in 2007/08 from 1.7 percent in 2003/04, while internal debt declined to 39.3 percent from 41.4 percent during the same period.
The federal government has to borrow large amount from domestic and overseas sources to fund its budget deficits as its spending continues to outpace revenue receipts.
"The government has been following a comprehensive strategy to moderate growth in public debt through a policy of fiscal rectitude, recourse to sources of lower cost of borrowings, debt restructuring measures, pursuing appropriate tax policies that result in higher tax-GDP ratio, in order to facilitate the process of fiscal consolidation," Bansal said.
Courtesy : FINANCIALEXPRESS.COM
In a written reply to parliament, Pawan Kumar Bansal said the internal debt of the federal government was estimated at 18.44 trillion rupees while external debt was at 1.13 trillion rupees at the end of 2007/08.
"While the internal and external debt of government has been increasing in absolute terms, as a percentage of GDP, it has gone down from 43.1 percent in 2003/04 to 41.7 percent in 2007/08," he said.
India's GDP, which is estimated to have grown by 8.7 percent in 2007/08, has crossed the $1 trillion mark.
Bansal said external debt rose to 2.4 percent of GDP in 2007/08 from 1.7 percent in 2003/04, while internal debt declined to 39.3 percent from 41.4 percent during the same period.
The federal government has to borrow large amount from domestic and overseas sources to fund its budget deficits as its spending continues to outpace revenue receipts.
"The government has been following a comprehensive strategy to moderate growth in public debt through a policy of fiscal rectitude, recourse to sources of lower cost of borrowings, debt restructuring measures, pursuing appropriate tax policies that result in higher tax-GDP ratio, in order to facilitate the process of fiscal consolidation," Bansal said.
Courtesy : FINANCIALEXPRESS.COM
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