State-owned Union Bank of India reported strong third quarter earnings with profitability more than doubling year-on-year. Bank reports strong growth of 106.81% in net profit As against a profit of 2,245 cr in Q3FY23 1,085 crores. PAT climbed 21.48% 1,848 crore in the June 2022 quarter. Union Bank’s deposits and advances gained momentum in Q3 with a double-digit year-on-year growth. Also, asset quality improved significantly in the quarter.
Net interest income (NII), which is the difference between interest earned and interest spent, arrived at 8,628 crore in Q3FY23, growing by 20.26% 7,174 crore in the third quarter of the previous fiscal. Lender’s NII was on 8,305 crore in the previous quarter.
In Q3FY23, Union Bank’s gross NPA declined sharply by 369 bps YoY and 52 bps QoQ to 7.93%. Gross NPA was 11.67% in Q3FY22 and 8.45% in Q2FY23. Net NPAs, meanwhile, fell by 195 bps YoY and 50 bps QoQ to 2.14%. The provision coverage ratio (PCR) stood at 88.50% in Q3FY23.
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