Last Update: January 20, 2023, 14:52 IST
The capital adequacy ratio of Union Bank of India improved to 14.45 per cent in the December quarter from 13.92 per cent in the year-ago period. (Photo: shutterstock)
Union Bank of India reports improvement in asset quality in Q3 as gross NPAs come down to 7.93 per cent
Union Bank Of India On Friday reported a two-fold jump in standalone profit at Rs 2,245 crore for the third quarter ended December 2022, helped by a decline in bad loans. The bank had earned a net profit of Rs 1,085 crore in the same quarter a year ago.
Union Bank of India said in a regulatory filing that total income rose to Rs 24,154 crore in the December quarter from Rs 19,454 crore in the year-ago period.
On the asset quality front, the bank registered an improvement with gross NPAs (non-performing assets) declining to 7.93 per cent as against 11.62 per cent at the end of the third quarter of the previous fiscal.
At the same time, the net NPA came down to 2.14 percent, which was 4.09 percent in the same period a year ago. Capital adequacy ratio improved to 14.45 per cent in the December quarter from 13.92 per cent in a year-ago period.
During the quarter under review, the bank invested Rs 50.20 crore in Star Union Dai-Chi Life Insurance Company under rights issue of shares. Post subscription, the shareholding in the entity remains unchanged at 25.10 per cent.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)