Union Bank of In Q2 net profit up 21.07% at Rs 1847.70 cr
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The bank reported standalone net profit of Rs 1,847.70 crore for the quarter ended September 30, 2022 as compared to Rs 1526.12 crore in the same period last year, registering a year-on-year growth of 21.07 per cent. Interest income of the bank rose by 17.81 per cent at Rs 19681.70 crore for the quarter ended September 30, 2022 as against Rs 16705.71 crore in the corresponding period last year. During the July-September quarter, total income rose moderately by 10.99 per cent to Rs 22,957.95 crore from Rs 20,683.95 crore in the year ago period. Meanwhile, operating expenses increased by 12.12 per cent to Rs 16,380.86 crore from Rs 14,610.42 crore in the same period last year. Operating profit surged 8.29 per cent to Rs 6,577.09 crore from Rs. 6,073.53 crore. Provisions and Contingencies surged by 9.48 per cent at Rs 4,076.81 crore from Rs 3,723.75 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 21.61 per cent at Rs 8,305.01 crore versus Rs 6,829.27 crore in the year ago period.
Non-interest income dipped 17.65 per cent year-on-year to Rs 3,276.25 crore. On the asset side, gross non- performing assets (NPAs) fell to 8.45 per cent of the gross advances as at the end of September 30, 2022 from a level of 12.64 per cent year earlier. Its net NPAs or bad loans too declined to 2.64 per cent of net advances on September 30, 2022 from 4.61 per cent a year ago.
