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Photo: Mint
Photo: Mint

Union Bank of India jumps nearly 6% after Q1 earnings

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%.

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