Union Bank of India net profit falls 37% to Rs 727 crore in Dec quarter

Net interest income for the reporting quarter rose 4.85 per cent to Rs 6,590 crore, from Rs 6,285 in Q3FY20.

Union Bank of India’s net profit fell 37.27 per cent to Rs 727 crore in the third quarter ended Dece­mber 2020 on a drop in non-interest income.
 
It had booked net profit of Rs 1,159 crore in Q3FY20. The amalgamation of Andhra Ba­nk and Corporation Bank into Union Bank of India came into effect on April 1, 2020, and the combined financials (Ma­rch 2020 and December 2019) were arrived at by aggregating the audited/ rev­iewed num­bers of the three banks. Its stock closed 5.25 per cent hig­her at Rs 31.05 per share on the BSE.
 
Net interest income