Union Bank of India Q1 net jumps 73 pc to Rs 224 cr

Union Bank of India on Friday posted a jump of 73.3 per cent in standalone net profit at Rs 224.43 crore for the quarter ended June 30, 2019.

The lender's profit in the year-ago period stood at Rs 129.54 crore. In the previous March quarter 2019 there was a net loss of Rs 3,369.23 crore.

Total income fell to Rs 9,887.14 crore during June quarter 2019, as against Rs 9,908.76 crore in the year-ago period, the public sector lender said in a regulatory filing.

The bank's consolidated net profit was Rs 230.12 crore during the quarter compared with Rs 140.50 crore a year ago. Income rose to Rs 10,053.68 crore from Rs 10,042.29 crore.

It witnessed improvement in asset quality as gross non-performing assets (NPAs) fell to 15.18 per cent of gross advances as on June 30, 2019 from 16 per cent by end of June 2018.

Net NPAs were down at 7.23 per cent from 8.70 per cent a year earlier.

In value terms, gross NPAs or bad loans were Rs 48,841.88 crore by end June this year as against Rs 50,972.64 crore a year ago. Net NPAs stood at Rs 21,230.89 crore, down from Rs 25,508.46 crore earlier.

Thus, provision for bad loans fell to Rs 1,431.10 crore during April-June 2019, from Rs 1,803.17 crore in the year- ago same quarter.

Overall provisions and contingencies in the three months to June 2019 were down at Rs 1,519.34 crore, as against Rs 2,289.07 crore a year earlier.

Stock of Union Bank of India settled at Rs 64.70 on BSE, down 1.30 per cent from previous close.