Home >Companies >Company Results >Union Bank Q1 net profit beats Street, rises 73%
Net interest income decreased 4.11% to  ₹2,518.19 crore, against  ₹2,626.12 crore a year ago (Mint file)
Net interest income decreased 4.11% to 2,518.19 crore, against 2,626.12 crore a year ago (Mint file)

Union Bank Q1 net profit beats Street, rises 73%

  • The bank posted a net profit 224.43 crore for the three months ended 30 June, against 129.54 crore in the year-ago period
  • Provisions during the quarter decreased 33.63% to 1,519.34 crore, from 2,289.07 crore a year ago

Mumbai: Union Bank on Friday said its first-quarter net profit rose 73.25% on the back of lower provisioning. The bank posted a net profit 224.43 crore for the three months ended 30 June, against 129.54 crore in the year-ago period. A Bloomberg poll of 9 analysts' had estimated a loss of 183 crore.

Provisions during the quarter decreased 33.63% to 1,519.34 crore, from 2,289.07 crore a year ago. During the January-March quarter, the bank had set aside 5,766.15 crore in provisions.

Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 4.11% to 2,518.19 crore, against 2,626.12 crore in the corresponding period last year.

Other income, including core fee income, dropped 18.08% to 989.52 crore in the three months, from 1,207.95 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 15.18% in the June quarter, compared with 14.98% in the March quarter, and 16% in the year-ago period.

Post provision, net NPA ratio was at 7.23%, against 6.85% in the January-March quarter and 8.70% in the year-ago quarter.

On Friday, shares of the bank fell 1.30% to close at 64.70 on the BSE, while the Sensex gained 0.27% to close at 37,118.22.

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