Union Bank of India Q3 net surges 32% at Rs 104 cr

Union Bank of India Q3 net surges 32% at Rs 104 cr

09/02/2017 12:34

Public sector lender Union Bank of India (UBI) has reported a decline of 32.4 per cent in its standalone net profit at Rs 104 crore for the third quarter ended December 31, 2016, on healthy earnings from interest.

The bank had posted standalone net profit of Rs 78.54 crore in corresponding quarter of previous fiscal, Union Bank of India said in a filing to the BSE.

The total income of the bank too grew by 8.9 per cent to Rs 9,589.45 crore in Q3 FY17 from Rs 8,802.06 crore in Q3 FY16.

During the quarter under review, the bank’s gross non-performing assets grew 11.7 per cent of total loans, compared with 7.05 per cent in the year-ago quarter. Net NPA of the bank too increased to 6.95 per cent against 4.07 per cent in the corresponding period last year.

NII, the difference between interest earned on loans and interest paid on deposits, rose 7 per cent at Rs 2,136.62 crore versus Rs 1996.51 crore in the year ago period. Further, non-interest income surged 50.1 per cent to Rs 1,339.67 crore from Rs 892.69 crore in the same period a year ago.

Meanwhile, shares of the Bank were trading at Rs 154.05 apiece, down 7.62 per cent, from previous close on BSE at 12:39 hours.

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