Money & Banking

Union Bank reports four times jump in Q3 net profit to ₹575 crore

Our Bureau Mumbai | Updated on February 10, 2020 Published on February 10, 2020

Huge recoveries coupled with lower provisioning requirement helped Union Bank of India report an almost four times jump in the third quarter net profit at ₹575 crore against a net profit of ₹153 crore in the year-ago period.

Net interest income was up 26 per cent year on year (y-o-y) at ₹3,134 crore. Non-interest income edged up 1.53 per cent y-o-y to ₹1,112 crore.

The public sector bank reported recoveries of ₹2,255 crore (₹624 crore in the preceding quarter).

The bank recorded higher slippages of ₹5,112 crore (₹4,219 crore in the preceding quarter).

Non-performing asset (NPA) provisions were lower at ₹1,570 crore (₹3,328 crore). The bank received a write-back in standard provision of ₹255 crore in the reporting quarter.

Published on February 10, 2020
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