Union Bank of India's net profit tripled, crossed Rs 1120 crore

Union Bank of India’s net profit tripled, crossed Rs 1120 crore

Union Bank of India’s net interest margin has also improved

State-owned Union Bank of India’s net profit jumped more than three times to Rs 1,120.15 crore in the first quarter of the current financial year. The bank had a net profit of Rs 340.95 crore between April and June last year. However, the net profit of the bank has come down on a quarterly basis. The bank had a net profit of Rs 1,269.18 crore during the January to March quarter.

Increase in the income of the bank

Union Bank of India said in a regulatory filing that the total income of the bank also increased to Rs 20,666.62 crore in the April-June quarter. In the first quarter of the financial year 2020-21, the bank had an income of Rs 20,487.01 crore. The bank’s provisioning against NPAs stood at Rs 3,593.33 crore in the April-June quarter. In the same quarter last year, this figure stood at Rs 3,590.22 crore.

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Improvement in the net interest margin of the bank

According to PTI, the bank’s managing director and CEO Rajkiran Rai told reporters, “The performance of the bank has stabilized and we have seen a lot of improvement. After about three to four quarters, we have seen a normal quarter in the business. The bank’s net interest income grew 9.53 per cent to Rs 7,013 crore in the first quarter, from Rs 6,403 crore in the same quarter a year ago. At the same time, the net interest margin (NIM) of the bank increased by 30 basis points to 3.08 per cent from 2.78 per cent a year ago.

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