Union Bank posts Rs. 1.7 b PBT in 9M 2026

Thursday, 29 October 2026 05:25 - - {{hitsCtrl.values.hits}}

Union Bank yesterday said it sustained its growth momentum in the nine months ended 30 September 2026, recording strong improvements in profitability, core income and balance sheet growth.

Profit Before All Taxes (PBT) rose 48% year-on-year to Rs. 1.7 billion, while Profit After Tax (PAT) more than doubled to Rs. 701 million, an increase of 104%.

Gross income grew 20% to Rs. 15.8 billion, while Net Interest Income (NII) increased 27% to Rs. 5.04 billion, supported by lending growth and a continued focus on core banking. Total operating income rose 9% to Rs. 6.4 billion, while operating expenses increased by 8% to Rs. 5 billion. Consequently, results from operating activities improved 49% to Rs. 1.65 billion.

The bank’s total assets grew 20% to Rs. 207.1 billion. Net loans and advances increased 25% to Rs. 138.3 billion while customer deposits rose 16% to Rs. 138.1 billion. Gross loans and advances reached Rs. 145.4 billion, while the net Stage 3 loans ratio improved to 8%, reflecting better credit quality.

At group level, total assets increased 22% to Rs. 224.6 billion. Group Profit Before All Taxes (PBT) rose 51% to Rs. 2.1 billion, while Profit After Tax (PAT) increased 108% to Rs. 723 million. The Group’s results include those of UB Finance PLC and National Asset Management Limited.

Chairman Dinesh Weerakkody said: “The results for the first nine months of 2026 reflect the steady progress of Union Bank’s transformation and the resilience of its core banking franchise in a challenging environment. We remain firmly focused on sustainable growth, sound risk management and long-term value creation for all stakeholders.”

Director/Chief Executive Officer Dilshan Rodrigo added: “The strong growth in profitability, lending and deposits demonstrates the impact of disciplined execution across customer segments. We will continue to invest in products, distribution, digital capabilities and service excellence to build on this momentum.”