Union Bank of India Q1 profit rises 9.5% to Rs 560 cr

Bank reported a profit of Rs 511.59 crore during the same period of the previous fiscal

State-owned Union Bank of India (UBI) today reported a 9.5% rise in net profit to Rs 560.22 crore for the first quarter ended June 30.

The state-run bank had a profit of Rs 511.59 crore during the same period of the previous fiscal.

Total income increased to Rs 7,613.53 crore from Rs 6,561.10 crore, UBI said in a filing to the BSE.

As of June 30, the bank's portfolio quality improved, with gross non-performing assets at 3.5% of gross advances, compared with 3.76% a year earlier.

Net non-performing assets declined to 1.96% from 2.2%.

The bank's capital adequacy ratio as of June 30 stood at 11.14%.