Union Bank India’s Q3 net profit up 49% to Rs. 1,085 cr

State-owned Union Bank of India posted a 49 percent jump in net profit to Rs 1,085 crore in the third quarter ended December 31.

The bank had earned a net profit of Rs 727 crore in the corresponding quarter of the previous financial year.

Its total income during the October-December quarter of 2021-22 declined to Rs 19,453.74 crore from Rs 20,102.84 crore in the corresponding quarter of the previous financial year, Union Bank of India said in a regulatory filing.

On the asset quality front, the bank’s gross non-performing assets (NPAs) fell to 11.62 percent of the gross advances by the end of the December 2022 quarter, compared with 13.49 percent by the end of December 2020.

However, net NPAs increased to 4.09 percent, up from 3.27 percent at the end of December 2020.

Provisions and contingencies declined significantly to Rs 2,549.58 crore, compared with Rs 5,210.50 crore a year ago.