Union Bank of India reports Rs 260 crore forex income in April-June: Officials

Union bank of India also reported Rs 400 crore income through sale of securities in statutory liquidity ratio (SLR) and non-SLR, the officials added

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Union Bank of India reported Rs 260 crore profit through foreign exchange transaction in the April-June quarter, out of total treasury income of Rs 775 crore, bank officials said during post policy press conference on July 21.

Further, they added that the state-owned lender also reported Rs 400 crore income through sale of securities in statutory liquidity ratio (SLR) and non-SLR.

“Total treasury profit is Rs 775 crore, out of which forex profit is around Rs 260 crore and mutual fund profit is around Rs 100 crore, remaining through sale of SLR and non-SLR is Rs 400 crore,” Union Bank of India officials said.

In the reporting quarter, Union Bank reported a sharp uptick in its treasury income. It rose over 101 percent on-year in April-June to Rs 775 crore.

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In the similar period last year, lender reported a treasury income of Rs 385 crore, according to the investor presentation. While, in the last quarter, it was around Rs 608 crore.

The lender in the last five quarters has seen reporting a surge in its treasury income.

During April-June, the Indian rupee registered a gain of 0.17 percent. According to the Bloomberg data, as on April 3, the rupee was trading at 82.33 against the US dollar, which gained to 82.04 on June 30.

Similarly, the government bond yields in the reporting quarter, especially on the benchmark bond eased around 19 basis points (Bps). One basis point is one hundredth of percentage point.

According to the data compiled from CCIL (The Clearing Corporation of India Limited), the 10-year benchmark 7.26 percent 2033 bond, which was trading at 7.3056 percent on April 3, fell to 7.1166 percent on June 30.

Meanwhile, on the borrowing front, A Manimekhalai, Managing Director & CEO of Union Bank of India, said in the current financial year the bank will raise around Rs 10,000 crore.