Union Bank of India has moved higher by over 6% to Rs 255 after the public sector lender reported a slight decrease in non-performing assets (NPAs) during the quarter ended December 2012 (Q3).
“Gross NPAs as a percentage of gross assets fell to 3.36% from 3.66% in previous quarter, while net NPA fell to 1.70% from 2.06% on sequential basis,” Union Bank of India said in a statement.
Meanwhile, the Mumbai-based bank has reported 37% year-on-year (yoy) jump in its net profit at Rs 302 crore from Rs 220 crore in the same quarter previous fiscal. Net interest income, or the difference between interest earned and expended, rose 8.55% to Rs 1,892 crore in the quarter.
The stock opened at Rs 241 and hit a high of Rs 257 on the NSE. A combined 6.77 million shares have changed hands on the counter till noon deals on both the exchanges.
