Union Bank of India reported a rise in its standalone net profit in the fourth quarter of financial year 2024-25, beating estimates.
The bottomline of the public sector bank jumped 50.6% to Rs 4,985 crore in the January-March period, compared to Rs 3,310 crore in the year-ago period, according to a stock exchange filing on Thursday. The analysts' consensus estimates compiled by Bloomberg projected Rs 4,320.6 crore.
Net interest income rose 1% to Rs 9,514 crore versus Rs 9,437 crore last year. The Bloomberg estimate was Rs 9,373 crore.
Union Bank of India demonstrated an improvement in asset quality on a sequential basis, with gross non-performing assets ratio decreasing to 3.6% from 3.85% quarter-on-quarter, and net NPA ratio also declining to 0.63% from 0.82%.
The bank's operating profitability showed strong growth, increasing by 17.9% to Rs 7,700 crore compared to Rs 6,533 crore.
Provisions saw an increase of 22.6% year-on-year, rising to Rs 1,544 crore from Rs 1,260 crore. However, on a sequential basis, provisions saw a slight decrease of 3.4%, down to Rs 1,544 crore from Rs 1,599 crore.
Union Bank Of India Dividend
The board has recommended a dividend of Rs 4.75 per equity share for fiscal 2025, subject to obtaining the necessary statutory approvals and the approval of the shareholders at the ensuing annual general meeting.
The record date to determine the eligible shareholders will be communicated later by the lender.
Before the quarterly results were declared, shares of Union Bank settled 2.57% lower at Rs 115.45 apiece on the BSE, compared to 0.51% decline in the benchmark Sensex.
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