Union Bank Q3 net up 49.3%; provisions & contingencies fall sharply

NII rises 8.9% to Rs 7,174 cr; gross NPAs declin to 11.62% in December 2021 from 13.49% a year ago

Union Bank of India’s net profit rose by 49.3 per cent year on year at Rs 1,085 crore for the third quarter ended December 2021 (Q3FY22) on improvement in interest margins and sharp fall in provisions and contingencies.

The net profit was Rs 726 crore in Q3FY21. However, profit declined from Rs 1,526 crore in the second quarter ended September 2021 (Q2FY22).

“The rise in profit is mainly due to increase in net interest income and fall in provisions,” said Nitesh Ranjan, executive director, Union Bank of India.

The bank has reported healthy recovery and upgradation during the first