Lower gross non performing assets, which resulted in lower provisions, helped Union Bank of India post a 37% year-on-year growth in profits for the quarter ended- December, 2012. Net profit was at Rs 302 crore, compared to Rs 220 crore in quarter ended December -2011.
Gross NPAs declined to Rs 6384 crore (Rs 5209 crore) and provisions were lower at Rs 857 crore (Rs 973 crore).
Deposits increased to Rs 2,39,355 crore (Rs 2,05,317 crore) an increase of 17%. Advances increased to Rs 1,85,885 crore (Rs 1,53,251 crore), an increase of 22%.
Shares of Union Bank were up 5.72%, at Rs 254.9 crore, on the BSE.
