UBI pays Rs 98 cr dividend to govt

NEW DELHI: Union Bank of India on Wednesday said it has paid a dividend of Rs 98 crore for 2006-07 to the government.

A cheque of Rs 56 crore representing 20 per cent final dividend was presented to Finance Minister P Chidambaram, a bank statement said.

The bank declared a dividend of 35 per cent for 2006-07, of which 15 per cent interim dividend was issued earlier, it said.

The government holds 55.43 per cent stake in the bank, which posted net profit of Rs 845 crore for the fiscal, an increase of 25 per cent over the previous year.

The bank has also bagged the Best IT User award in the banking and financial sector by Nasscom.

The award is in recognition of the computerisation of clearing house operation in Pune developed in-house by the bank, the statement said.