KARACHI, Aug 28: Union Bank posted a 19 per cent increase in profit before tax to Rs1.542 billion for the half year ended June 30, 2006. The board of directors in its meeting held on Saturday approved the financial results of the bank for the period.

The bank has recently been acquired by the Standard Chartered Bank.

Union Bank spreads had kept a healthy trend as a result of high-yielding consumer assets. Profit after tax of the bank amounted to Rs1.021bn as compared to Rs800m during the same period last year.

The deposits of the bank grew by 30 per cent whereas advances recorded a growth of 24 per cent. Equity registered an increase of 34 per cent crossing Rs5.515 billion, as against Rs4.118 billion last year.

Total assets stand at Rs121.849 billion as compared to Rs87.939 billion last year, registering a growth of 39 per cent. Earning per share rose to Rs6.02 from Rs4.72.