Union Bank of India has posted a net profit of Rs 361.4 crore for the quarter ended September 2008, 31 per cent higher compared with Rs 275.7 crore for the quarter ended September 2007. The rise in profit comes on the back of a 48.63 per cent increase in its net interest income to Rs 975 crore from Rs 656 crore reported last year.
However, the non-interest income of the bank declined by Rs 5 crore to Rs 283 crore from Rs 288 crore reported a year ago, on account of Rs 38-crore loss in the investment portfolio. Total income of the bank went up by 23.28 per cent to Rs 3,114.50 crore from Rs 2,525.6 crore in the corresponding period last year.
Total business of the bank grew by 23.92 per cent to Rs 2,02,488 crore.