Union Bank sees 3-fold jump in net profit to Rs 1,526 cr

New Delhi: State-owned Union Bank of India on Tuesday reported a nearly three-fold jump in its standalone net profit to Rs 1,526.12 crore for the September 2021 quarter.

The lender had posted a net profit of Rs 516.62 crore in the corresponding quarter of the previous financial year. Its total income during July-September 2021 rose to Rs 20,683.95 crore as compared with Rs 20,182.62 crore in the year-ago period, the bank said in a regulatory filing. Provisioning for bad loans and contingencies fell to Rs 3,723.76 crore, against Rs 4,242.45 crore a year ago. The bank's asset quality improved with the gross non-performing assets falling to 12.64 per cent of the gross advances by the end of September 2021, from 14.71 per cent by the end of September 2020.

In terms of value, the gross non-performing assets (NPAs) were worth Rs 80,211.73 crore, down from Rs 95,796.90 crore.

However, net NPAs increased slightly to 4.61 per cent (Rs 26,786.42 crore), from 4.13 per cent (Rs 23,894.35 crore) a year ago. On a consolidated basis, the bank reported a net profit of Rs 1,510.68 crore in July-September 2021, a jump of 183 per cent from Rs 533.87 crore in the year-ago quarter. Its consolidated total income rose to Rs 21,621.87 crore, from Rs 20,910.91 crore a year ago. Shares of Union Bank of India on Tuesday closed at Rs 49.40 apiece on the BSE, up 5.89 per cent from the previous close.