Union Bank of India sees net profit jump 55% to Rs 517 crore in Q2

State-owned Union Bank of India on Friday reported a 55.3 per cent jump in its net profit at Rs 517 crore in the second quarter ended September.

The bank had posted a net profit of Rs 333 crore in the same quarter a year ago.

Net interest income grew by 6.1 per cent to Rs 6,293 crore in the July-September period of 2020-21 from Rs 5,934 crore in the same period of 2019-20, it said in a release.

Gross Non-Performing Assets (NPAs) ratio improved to 14.71 per cent of the gross advances at the end of September this year from 15.75 per cent by September 2019.

Net NPAs fell to 4.13 per cent as of September from 6.40 per cent in the year-ago period.

Provision coverage ratio improved to 83.16 per cent as of September 30, 2020, compared to 74.26 per cent in the year-ago period.

Shares of Union Bank closed at Rs 24.50 apiece on BSE, up 1.45 per cent from the previous close.