See gross NPAs below 4%, NIMs at 2.9% by FY15-e: Union Bank

The bank will prefer doing the QIP when market price will be equal to book value as the bank is no hurry to raise funds, says CMD Arun Tiwari.

Union Bank of India  plans to raise Rs 1,386 crore through qualified institutional placement (QIP) by the end of FY15. Speaking to CNBC-TV18 on same, CMD Arun Tiwari says the bank will prefer doing the QIP when market price will be equal to book value as the bank is no hurry to raise funds.

The state-owned bank has already received all the necessary clearances from the Reserve Bank of India and shareholders to raise funds.

Union bank is targeting net interest margin of 2.9 percent by the end of this financial year after improving them to more than 2.5 percent in June quarter. The bank also expects to cut down its gross non-performing assets (NPAs) to below 4 percent in FY15 after rising to 4.27 percent in the quarter gone by.

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Union Bank stock price

On September 11, 2014, at 14:15 hrs Union Bank of India was quoting at Rs 209.75, up Rs 7.20, or 3.55 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 28.56 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 7.34. The latest book value of the company is Rs 291.36 per share. At current value, the price-to-book value of the company is 0.72.

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