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Higher other income and a lower burden of loan loss provisions helped Union Bank of India report a net profit of Rs 153 crore in the quarter ended December 31, 2018, against a net loss of Rs 1,250 crore in the year-ago period.
The public sector bank's net interest income (difference between interest earned and interest expended) was down 2 per cent at Rs 2,494 crore in the reporting quarter, against Rs 2,548 crore in the year-ago quarter. However, other income was up 25 per cent at Rs 1,095 crore, against Rs 873 crore in the year-ago period.
Loan loss provisions were down 15 per cent to Rs 2,139 crore against Rs 2,521 crore. During the reporting quarter, bad loans came down by Rs 444 crore to stand at Rs 49,713 crore as at December-end 2018.
Gross non-performing assets edged down a tad to 15.66 per cent of gross advances as at December-end 2018, against 15.74 per cent in the preceding quarter.
Net NPAs declined to 8.27 per cent of net advances as at December-end 2018, against 8.42 per cent in the preceding quarter.
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