You are here: Home » Companies » News
Business Standard

Union Bank of India sees net profit jump 55% to Rs 517 crore in Q2

State-owned Union Bank of India on Friday reported a 55.3 per cent jump in its net profit at Rs 517 crore in the second quarter ended September.

Topics
Union Bank of India

Press Trust of India  |  New Delhi 

union bank, andhra, corporation, banks

State-owned on Friday reported a 55.3 per cent jump in its net profit at Rs 517 crore in the second quarter ended September.

The bank had posted a net profit of Rs 333 crore in the same quarter a year ago.

Net interest income grew by 6.1 per cent to Rs 6,293 crore in the July-September period of 2020-21 from Rs 5,934 crore in the same period of 2019-20, it said in a release.

Gross Non-Performing Assets (NPAs) ratio improved to 14.71 per cent of the gross advances at the end of September this year from 15.75 per cent by September 2019.

Net NPAs fell to 4.13 per cent as of September from 6.40 per cent in the year-ago period.

Provision coverage ratio improved to 83.16 per cent as of September 30, 2020, compared to 74.26 per cent in the year-ago period.

Shares of Union Bank closed at Rs 24.50 apiece on BSE, up 1.45 per cent from the previous close.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 06 2020. 19:10 IST
RECOMMENDED FOR YOU
.