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BusinessUnion Bank of India's net profit jumps 195.42%

Union Bank of India’s net profit jumps 195.42%

Published: 2nd Nov 2021 9:37 pm

Hyderabad: Union Bank of India on Tuesday reported a 195.42 per cent jump in its net profit to Rs 1,526 crore for the September 2021 quarter, as against Rs 517 crore in the corresponding quarter last year.

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The bank’s core net interest income grew 8.52 per cent to Rs 6,829 crore as against Rs 6,293 crore in the corresponding period of the previous year. The non-interest income during the second quarter grew 65.32 per cent to Rs 3,978 crore compared to Rs 2,406 crore in the corresponding quarter last year.

Union Bank of India’s gross non-performing assets ratio came down to 12.64 per cent at the end of September 2021, against 14.71 per cent a year ago, indicating a reduction by 207 bps.

The overall capital adequacy stood at 13.64 per cent as of September 30, 2021 including 10.16 per cent in core capital.

The CASA (Current Account Savings Account) deposits have increased by 10.77 per cent year-on-year. The bank now has a total deposits base at Rs 9,14,022 crores as at the end of Q2FY22. CASA ratio improved to 37.16 per cent from 34.61 per cent on a year-on-year basis.

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