UNION LEASING

Aug 17 - 23, 1996

Leasing: Union Bank's affiliate in the leasing sector, Union Leasing, closed thier financial year on June 30, 1996, without decalring any dividends.

Total income for the year was Rs 58 million, with income from leasing being the prime contributor and bringing in Rs 46 milllion. Total expenses were at Rs 24 million. Profit before tax was Rs 34 million and profit after tax was Rs 31 million. Total profits available for appropriation were Rs 30.4 million, but Union did not pay out anything to shareholders despite the precedent set by Paramount Leasing's 10% cash dividend the week before.