Union Bank Q3 net jumps 2-fold to Rs 2,245 cr

State-run Union Bank of India’s standalone profit after tax more than doubled to Rs 2,245 crore in the quarter ended December 2022, aided by healthy net interest income and reduction in NPAs. This compares with a net profit of Rs 1,085 crore in the same quarter of the previous fiscal.

Its net interest income grew 20.26 per cent to Rs 8,628 crore from Rs 7,174 crore in the year-ago quarter.

The gross non-performing assets reduced by 369 basis points on a year-on-year basis to 7.93 per cent from 11.62 per cent. Net NPAs eased to 2.14 per cent from 4.09 per cent. The bank recovered around Rs 4,200 crore of bad loans and the fresh slippages were at Rs 2,305 crore.