Union Bank of India's September Quarter Net Profit Sees 183% Rise
Union Bank of India witnessed a huge 183 per cent jump in its consolidated net profit for second quarter of the current fiscal at Rs 1,510 crore against Rs 533.87 crore recorded in the corresponding period of last year.
The profits rose mainly due to recovery from the DHFL account that was written off earlier.
The lender's net profit had stood at Rs 533.87 crore in the corresponding quarter last year, according to a BSE filing.
The bank's core net interest income grew 8.52 per cent to Rs 6,829 crore on a loan growth of about three per cent and an expansion in net interest margin to 2.95 per cent as against 2.78 per cent in the year-ago period.
The non-interest income during July-September 2021 grew 65.32 per cent to Rs 3,978 crore, mainly on the back of a Rs 1,764-crore recovery in written-off accounts.
Speaking to reporters, its Chief Executive and Managing Director Rajkiran Rai G said the overall recoveries are Rs 5,341 crore, out of which Rs 1,650 crore came from DHFL recovery alone, which helped the profit.
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