Union Bank of India jumps nearly 6% after Q1 earnings1 min read . Updated: 24 Aug 2020, 01:41 PM IST
The stock gains 5.74% to Rs32.20 on the BSE and to Rs32.20 on the NSE
NEW DELHI : Shares of Union Bank of India on Monday rose nearly 6% after the company reported a standalone net profit of ₹333 crore in the quarter ended June. The stock gained 5.74% to ₹32.20 on the BSE.
On the NSE, it jumped 5.74% to ₹32.20.
The state-run bank, which amalgamated Andhra Bank and Corporation Bank from April 1, on Friday reported a standalone net profit of ₹333 crore in the quarter ended June.
The amalgamated entity had booked a profit-after-tax of ₹381 crore in the same period of the previous fiscal. The pre-amalgamated profit in the June 2019 quarter was ₹224.43 crore.
"Overall the performance of the amalgamated entity was quite satisfactory. Amalgamation is proceeding as per the fixed timelines," the bank's managing director and CEO Rajkiran Rai G said. He said the bank saw a substantial improvement in its net interest income and also on the operating profit side.
Net interest income rose by 17.1% to ₹6,403 crore as compared to ₹5,468 crore.
Gross non-performing ratio improved to 14.95% compared to 15.59%. Net NPA ratio improved to 4.97% from 6.47%.