Union Bank of India Net Profit Surges 60% in Q3
Jan 20, 2024 14:41
Union Bank of India reported a 60% jump in net profit to Rs 3,590 crore in the December quarter, driven by lower provisioning and improved interest income. The bank's gross NPA ratio also improved to 4.83% as of December 31, 2023.
New Delhi, Jan 20 (PTI) State-owned Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December quarter on the back of lower provisioning and better interest income.
The bank had reported a net profit of Rs 2,249 crore in the year-ago period, Union Bnak of India said in a regulatory filing.
The total income of the bank increased to Rs 29,137 crore during the third quarter of the ongoing fiscal as compared to Rs 24,154 crore a year ago, the filing said.
The bank's interest income improved during the third quarter of the current fiscal to Rs 25,363 crore, as against Rs 20,883 crore a year ago, it said.
The bank's gross Non-Performing Asset (NPA) ratio improved to 4.83 per cent as on December 31, 2023 as against 7.93 per cent a year ago.
Similarly, the net NPA also declined to 1.08 per cent as compared to 2.14 per cent at the end of December 2022.
Provisioning for bad loans came down to Rs 1,226 crore during the quarter under review from Rs 2,443 crore on the year-ago period, the bank said.
The bank's capital adequacy ratio improved to 15.03 per cent as compared to 14.45 per cent at the end of December 2022.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
MORE NEWS
FMCG Makers Face Inflation: Volume Growth,...
FMCG companies anticipate a decline in gross margin and flat operating profit in Q3 due...
FPIs Pull Out Rs 4,285 Cr from Indian Equities...
Foreign investors pulled out Rs 4,285 crore from Indian equities in the first three...
Top 10 Indian Companies Mcap: HDFC Bank Hit...
Four of India's top 10 most valued companies saw their market valuations decline last...
OYO Bans Unmarried Couples Check-in in Meerut
OYO has introduced a new check-in policy for partner hotels in Meerut, prohibiting...
Indian Tech Firms Dominate US H1B Visas:...
Indian-origin tech companies like Infosys and TCS received a fifth of all US H1B visas...
OfBusiness to Invest Rs 3k Cr in Steel Biz...
OfBusiness, a b2b commerce and fintech startup, plans to invest Rs 3,000 crore to...
Automotive Leasing in India: ORIX Predicts 8%...
ORIX India forecasts a significant growth in automotive leasing, expecting it to reach...
NTPC Wins 1,000 MW Solar Project in Uttar Pradesh
NTPC Renewable Energy Ltd has secured a 1,000 MW solar power project in Uttar Pradesh,...
Global Trends & Earnings Drive Market This...
Equity markets will be influenced by global trends, FII activity, and Q3 earnings, with...
CCI Clears Coal India in E-Auction Scheme Case
India's competition watchdog CCI dismissed a complaint against Coal India's e-auction...
Read More »