State-owned Union Bank of India (UBI) today reported a 9.5 per cent rise in net profit to Rs 560.22crore for the first quarter ended June 30.
The state-run bank had a profit of Rs 511.59 crore during the same period of the previous fiscal. Total income increased to Rs 7,613.53 crore from Rs 6,561.10 crore,UBI said in a filing to the BSE.
As of June 30,the bank’s portfolio quality improved,with gross non-performing assets at 3.5 per cent of gross advances,compared with 3.76 per cent a year earlier. Net non-performing assets declined to 1.96 per cent from 2.2 per cent. The bank’s capital adequacy ratio as of June 30 stood at 11.14 per cent.
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