 "Union Bank of India net profit surges 60% to Rs 3,590 crore in Q3")
State-owned Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December quarter on the back of lower provisioning and better interest income.
The bank had reported a net profit of Rs 2,249 crore in the year-ago period, Union Bnak of India said in a regulatory filing.
The total income of the bank increased to Rs 29,137 crore during the third quarter of the ongoing fiscal as compared to Rs 24,154 crore a year ago, the filing said.
The bank's interest income improved during the third quarter of the current fiscal to Rs 25,363 crore, as against Rs 20,883 crore a year ago, it said.
The bank's gross Non-Performing Asset (NPA) ratio improved to 4.83 per cent as on December 31, 2023 as against 7.93 per cent a year ago.
Similarly, the net NPA also declined to 1.08 per cent as compared to 2.14 per cent at the end of December 2022.
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Provisioning for bad loans came down to Rs 1,226 crore during the quarter under review from Rs 2,443 crore on the year-ago period, the bank said.
The bank's capital adequacy ratio improved to 15.03 per cent as compared to 14.45 per cent at the end of December 2022.