Union Bank Q3 net dips 13% at Rs 302 cr

Total income increased to Rs 8,921 cr for the quarter ended December 2014

Union Bank of India on Tuesday reported a 13.3 per cent decline in net profit at Rs 302.4 crore for the December quarter.

The bank had a net profit of Rs 348.94 crore in the third quarter of 2013-14.

Total income increased to Rs 8,921 crore for the quarter ended December 2014, from Rs 8,230 crore in the year-ago period, Union Bank said in a filing to the BSE.

Domestic net interest margin stood at 2.57 per cent in the December quarter against 2.60 per cent in September  quarter. Net interest income rose eight per cent to Rs 2,120 crore during the third quarter from Rs 1,963 crore in the corresponding quarter of previous financial year.

Shares of Union Bank fell 6.76% to Rs 234.40 on the BSE.