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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.
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