The revised interest rate for borrowers from investment-grade medium enterprises is in the range of 12.25-13.75 percent," the bank said. The new rates are effective from November 3.
State-run lender Union Bank of India reduced interest rates for medium enterprises in the range of 200-375 basis points. The revision will also give fillip to Prime Minister Narendra Modi's 'Make in India' campaign, a bank release said.
The government's ambitious campaign, launched in September, is aimed at making the country a global manufacturing hub.
"The revised interest rate for borrowers from investment-grade medium enterprises is in the range of 12.25-13.75 percent," the bank said. The new rates are effective from November 3.
The city-based bank had reported a 78 percent spike in its net at Rs 371 crore in the September quarter. The sharp increase in the profit was on account of lower provisioning
and a Rs 140 crore income tax write-back.
Provisions during the quarter stood at Rs 785.41 crore as against Rs 936.75 crore in the same period last year. Its domestic advances rose 9.4 percent to Rs 2,26,011 crore from
Rs 2,06,690 crore year ago. Chairman and managing director Arun Tiwari has attributed the good set of numbers to loan growth in retail, agriculture and MSME sectors.
Union Bank stock price
On November 05, 2014, Union Bank of India closed at Rs 221.55, down Rs 3.95, or 1.75 percent. The 52-week high of the share was Rs 259.60 and the 52-week low was Rs 100.60.
The company's trailing 12-month (TTM) EPS was at Rs 30.88 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 7.17. The latest book value of the company is Rs 288.93 per share. At current value, the price-to-book value of the company is 0.77.
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