Union Bank of India’s third-quarter net profit is up 49 percent
New Delhi:
State lender Union Bank of India has recorded a 49 percent increase in net profit to Rs 1,085 crore in the third quarter of its current fiscal year.
The bank had made a net profit of Rs 727 crore in the corresponding quarter of the previous financial year.
Total income during the October-December 2021-2022 quarter fell to Rs 19,453.74 crore from Rs 20,102.84 crore in the corresponding quarter of the previous fiscal, Union Bank of India said in a regulatory filing.
In terms of asset quality, the bank’s gross non-performing assets (NPAs) declined to 11.62 percent of gross advances at the end of the December 2022 quarter, compared to 13.49 percent at the end of December 2020.
However, net NPAs rose to 4.09 percent, from 3.27 percent at the end of December 2020.
