State-owned lender Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December 2023 quarter, on the back of lower provisioning and better interest income. Its total income during October-December 2023 increased to Rs 29,137 crore, compared with Rs 24,154 crore in the year-ago period.
The bank had reported a net profit of Rs 2,249 crore in the year-ago period, Union Bank of India said in a regulatory filing.
The bank’s interest income improved during the third quarter of the current fiscal to Rs 25,363 crore, as against Rs 20,883 crore a year ago, it said.
The bank’s gross Non-Performing Asset (NPA) ratio improved to 4.83 per cent as on December 31, 2023 as against 7.93 per cent a year ago. Similarly, the net NPA also declined to 1.08 per cent as compared to 2.14 per cent at the end of December 2022.
Provisioning for bad loans came down to Rs 1,226 crore during the quarter under review from Rs 2,443 crore on the year-ago period, the bank said. The bank’s capital adequacy ratio improved to 15.03 per cent as compared to 14.45 per cent at the end of December 2022.
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