BANKS
Union Bank Q2 net up 55% at Rs 517 cr
Union Bank of India’s fiscal second quarter net profit jumped 55.3% to Rs 517 crore. In the year ago period, the bank had reported a net profit of Rs 333 crore.
Union Bank of India’s fiscal second quarter net profit jumped 55.3% to Rs 517 crore. In the year ago period, the bank had reported a net profit of Rs 333 crore.
State-owned Union Bank of India's fiscal second quarter net profit jumped 55.3% to Rs 517 crore. In the year ago period, the bank had reported a net profit of Rs 333 crore.
Net interest income grew by 6.1% to Rs 6,293 crore in the quarter ended 30 September, from Rs 5,934 crore in the same quarter a year ago.
Gross Non-Performing Assets (NPAs) ratio improved to 14.71% of the gross advances, from 15.75% in the September quarter of 2019.
Net NPAs fell to 4.13% as against 6.40% in Q2 of FY20.
Provision coverage ratio improved to 83.16% compared to 74.26% in the year-ago period.
