Gross non-performing assets (NPA) as a percentage of total advances improved to 4.96 per cent against 5.08 per cent in the December quarter and the net non-performing assets which is gross NPA minus provisions improved 24 basis points to 2.71 per cent of total advances against 2.95 per cent sequentially.
Union Bank's net profit declined over 23 per cent annually to Rs 444 crore against Rs 579 crore in the corresponding quarter of last fiscal.
Its net interest income (NII), which is the difference of interest earned on advances and interest expended on deposits came in at Rs 2,121 crore against Rs 2,052 crore in the same quarter of last fiscal.
Analysts polled by NDTV had estimated its net profit at Rs 430 crore on NII of Rs 2,230 crore.
Union Bank made a total provision of Rs 1009 crore against Rs 920 crore year-on-year.
Shares in Union Bank ended 2.35 per cent higher at Rs 143.65 apiece, outperforming the broader Nifty, which closed 2.38 per cent lower.
Union Bank board has recommended a dividend of Rs 6 per share, the company said.
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