Union Bank of India reports two-fold jump in Q3 profit at Rs 2,245 cr

Union Bank of India on Friday reported two-fold jump in standalone profit at Rs 2,245 crore for third quarter ended December 2022 helped by decline in bad loans.

The bank had posted a net profit of Rs 1,085 crore in the same quarter a year ago.

Total income increased to Rs 24,154 crore in the latest December quarter from Rs 19,454 crore in the year-ago period, Union Bank of India said in a regulatory filing.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 7.93 per cent, as compared to 11.62 per cent at the end of third quarter of previous fiscal year.

At the same time, net NPAs eased to 2.14 per cent, as against 4.09 per cent in the same period a year ago.

The capital adequacy ratio rose to 14.45 per cent in December quarter as against 13.92 per cent in the year-ago period.

During the quarter under review, the bank invested Rs 50.20 crore in Star Union Dai-lchi Life lnsurance Company under rights issue of shares. Post subscription, the shareholding in the entity has remained unchanged at 25.10 per cent.