Union Bank of India reports 8% rise in fourth-quarter profit at Rs 1,440 cr

Union Bank of India on Friday reported over 8 per cent rise in standalone net profit at Rs 1,440 crore for the quarter ended March 2022.

The lender had logged a net profit of Rs 1,330 crore in the same quarter of previous fiscal year.

Total income rose to Rs 20,417.44 crore during January-March 2021-22 as against Rs 19,804.91 crore in the year-ago period, the bank said in a regulatory filing.

For the full year 2021-22, standalone net profit jumped 80 per cent to Rs 5,232 crore from Rs 2,906 crore in previous year. Total income was down a tad at Rs 80,468.77 crore from Rs 80,511.83 crore in previous fiscal year.

The bank's gross non-performing assets (NPAs or bad loans) improved at 11.11 per cent of gross advances as of March 31, 2022 from 13.74 per cent by the year-ago same period.

In value terms, gross NPAs were worth Rs 79,587.07 crore, down from Rs 89,788.20 crore by the year-ago same period.

Net NPAs fell to 3.68 per cent (Rs 24,303.30 crore) from 4.62 per cent (Rs 27,280.52 crore).

On a consolidated basis, net profit in March quarter rose nearly 23 per cent to Rs 1,557 crore as against Rs 1,269 crore in the year-ago period. Total income, however, was down at Rs 19,353.85 crore from Rs 20,681.40 crore, the state-owned bank said.

The Board of Directors has recommended a dividend of Rs 1.90 per equity share (19 per cent) for the year ended March 31, 2022 subject to requisite approvals, the bank said.

Union Bank of India stock jumped 7.86 per cent to trade at Rs 36.35 on BSE.