Union Bank of India Q1 net profit rises 32% YoY to Rs 1,558 crore

Eyes QIP for equity up to Rs 3,500 cr in Q3FY23

Public-sector lender Union Bank of India’s net profit grew 32 per cent year-on-year (YoY) to Rs 1,558 crore in the quarter ended June (Q1FY23) on the back of a rise in its net interest income (NII).

The Mumbai-based lender had posted a net profit of Rs 1,181 crore during the same period last year (Q1FY22).

Sequentially, its net profit rose 8.19 per cent from Rs 1,440 crore in Q4FY22.

The bank’s stock ended at Rs 37.10, down 2.24 per cent, on the BSE on Tuesday.

Its net interest income (NII) was up 8.11 per cent in Q1FY23 to Rs 7,582