Union Bank of India Q3 net up 49.29%

Hyderabad: Union Bank of India on Monday posted a 49.29 per cent increase in its net profit to Rs 1,085 crore for the third quarter ended December 31. The bank had earned a net profit of Rs 727 crore in the corresponding quarter of the previous financial year. The bank’s net interest income grew by […]

Hyderabad: Union Bank of India on Monday posted a 49.29 per cent increase in its net profit to Rs 1,085 crore for the third quarter ended December 31. The bank had earned a net profit of Rs 727 crore in the corresponding quarter of the previous financial year.

The bank’s net interest income grew by 8.88 per cent on YoY basis during Q3FY22. The CASA deposits have increased by 11.06 per cent YoY. Bank now have a total deposits base at Rs 9,37,455 crores as at the end of Q3FY22.

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Union Bank of India’s gross non-performing assets (NPAs) fell to 11.62 per cent of the gross advances by the end of the December 2022 quarter, compared with 13.49 per cent by the end of December 2020.

However, net NPAs increased to 4.09 per cent, up from 3.27 per cent at the end of December 2020.

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