Union Bank of India to Boost Infrastructure with Massive Bond Issuance
Union Bank of India plans to raise up to Rs 20,000 crore in long-term bonds for infrastructure and affordable housing. Additionally, the bank will issue up to Rs 5,000 crore in green bonds. The bank reported a 28% profit increase, driven by improved core income.
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- Country:
- India
Union Bank of India announced its intention to enhance its focus on infrastructure and affordable housing by raising up to Rs 20,000 crore through long-term bonds.
The public sector bank also revealed plans to issue green and sustainable bonds worth up to Rs 5,000 crore. This was shared following a Board of Directors' meeting.
On Monday, the bank reported a 28% increase in net profit to Rs 4,604 crore for the third quarter, driven by improved core income. This is a significant rise from the Rs 3,590 crore profit in the same quarter last year. Total income increased to Rs 31,375 crore from Rs 29,137 crore a year ago, as detailed in their regulatory filing.
(With inputs from agencies.)
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