Union Bank of India reported a 30.3% year-on-year increase in net profit to Rs 5,537 crore for the September quarter, compared with Rs 4,249 crore a year earlier, supported by higher net interest income and operating profit.
Net interest income rose 20% to Rs 10,582 crore from Rs 8,813 crore in the year-ago quarter. Operating profit increased 19% to Rs 8,108 crore from Rs 6,814 crore, according to the lender's notification to the exchanges.
Union Bank Of India (Q2, Standalone YoY)
- Net profit up 30.3% at Rs 5,537 crore versus Rs 4,249 crore.
- Net interest income up 20% at Rs 10,582 crore versus Rs 8,813 crore.
- Operating profit up 19% at Rs 8,108 crore versus Rs 6,814 crore.
Gross non-performing assets stood at 2.42% as of September, compared with 2.65% in the previous quarter. Net non-performing assets declined to 0.42% from 0.47% over the same period.
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Provisions Decline
Provisions stood at Rs 701 crore in the September quarter, down from Rs 979 crore in the previous quarter and Rs 1,397 crore a year earlier.
The provision coverage ratio stood at 95.2% as of Sept. 30, indicating the proportion of non-performing assets covered by provisions.
Asset Quality
The gross and net non-performing asset ratios improved sequentially in the September quarter. Gross NPA fell by 23 basis points to 2.42%, while net NPA declined by five basis points to 0.42%.
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