Live
- Anti-Dalit mindset: Mamata attacks HM Shah over Ambedkar remarks
- Water Supply to Farmers Through KLI Until March 2025: SE Satyanarayana Reddy
- Irrigation Projects in Byndoor and Kundapur: DCM D.K. Shivakumar Updates on Varahi Canal Progress
- Congress MP R Sudha Seeks Tax Exemption For Chess Champion Dommaraju Gukesh’s Prize Money
- Telugu writer Penugonda Lakshminaryana among 21 Sahitya Akademi Award winners
- Priyanka Gandhi Demands Accountability For Tribal Woman’s Funeral Incident In Wayanad
- Bombay High Court Seeks Maharashtra Government’s Update On Cab Aggregator Licensing And Safety Rules
- Congress Chief Mallikarjun Kharge Demands Amit Shah’s Resignation Over Remarks On BR Ambedkar
- Kejriwal Criticizes BJP Leadership, Accuses Amit Shah Of Disrespecting BR Ambedkar
- Nag Ashwin gets a warm welcome in Japan ahead of ‘Kalki 2898 AD’ release
Union Bank posts 3-fold jump in Q1 profit
Union Bank posts 3-fold jump in Q1 profit
- Net NPAs decline to 4.69% from 4.97%
- Provisions for bad loans at `3,593.33 cr
New Delhi: State-owned Union Bank of Indiaon Thursday reported over three-fold jump in consolidated net profit at Rs 1,120.15 crore for the first quarter ended June 30, 2021.
The bank clocked a net profit of Rs 340.95 crore in the same quarter of 2020-21. However, compared sequentially, the net profit was down from Rs 1,269.18 crore in March quarter 2021. Total income rose to Rs 20,666.62 crore in the quarter under review from Rs 20,487.01 crore in the year-ago period, Union Bank of India said in a regulatory filing.
Provisions for bad loans and contingencies for the quarter were nearly stable at Rs 3,593.33 crore as against Rs3,590.22 crore. Bad assets were brought down as gross non-performing assets (NPAs) stood at 13.60 per cent of gross advances as on June 30, 2021, from 14.95 per cent by the end of June 2020. The value of gross NPAs was Rs 87,762.19 crore, down from Rs 97,189.95 crore. Net NPAs fell to 4.69 per cent (Rs 27,437.45 crore) from 4.97 per cent (Rs 28,913.50 crore).
The standalone net profit of the bank was at Rs 1,180.98 crore in June 2021 quarter, up by over three-fold from Rs 332.74 crore in the year-ago period. Union Bank of India stock closed 6.90 per cent up at Rs 37.95 on BSE.
