Union Bank of India posts 60% jump in net profit, stock soars to 52-week high
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Union Bank of India on Saturday posted a 59.91 per cent year-on-year jump in net profit to Rs 3,590 crore for the October-December quarter on the back of lower provisioning and higher interest income.
The bank had reported a net profit of Rs 2,249 crore in the same quarter a year-ago period.
The government-owned bank’s share priced soared to a 52-week high of Rs 145.25 apiece registering a 6.72 per cent rise in the special trading session on Saturday following the declaration of the result.
The total income of the bank increased to Rs 29,137 crore during the third quarter from Rs 24,154 crore in the same period, a year ago, the filing said. Its interest income shot up to Rs 25,363 crore from Rs 20,883 crore a year ago, it said.
The bank's provisions and contingencies fell sharply to Rs 1,748 crore in Q3 as against Rs 3,036 crore in the corresponding period last year.
