Union Bank of India registered a net profit of Rs 593.50 crore for the three month period ended March 31, 2010.

For fiscal ended March 31, 2010, UBI's net profit stood at Rs 2,074 crore as against Rs 1,726.55 crore during the same period of 2009.

The company recorded a net profit of Rs 465.06 crore during the fourth quarter of fiscal 2009.

The bank announced that its income during the fourth quarter climbed up from Rs 3,848.73 crore for the three month period ended March 31, 2009, to Rs 4,054.2 crore for the fourth quarter of the previous fiscal.

During 2009-10, the bank's total earning stood at Rs 15,277.42 crore as compared to Rs 13,371,93 crore reported for the previous fiscal.

The bank eyes 25% loan growth and 22% deposit growth in 2010/11.

UBI plans to rein in gross non-performing assets below 2.10% in 2010, from 2.20% in FY10, Chairman and Managing Director MV Nair said.

The lender is also aiming a net interest margin beyond 3% in FY11, and plans to take share of low-cost deposits to 35% in FY12, from 31.73% at the moment. (With Inputs from Agencies)