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Union Bank of India Q3 results: Reports net profit of Rs 727 crore

State-owned of India on Friday posted net profit of Rs 726.84 crore in the quarter ended December.

Bank had posted a net profit of Rs 574.58 crore in the same quarter of the previous financial year.

The net profit during the period is not comparable to the year ago figure because of the amalgamation of Andhra Bank and Corporation Bank into Union Bank with effect from April 1, 2020, the bank said in a regulatory filing.

Total income during the October-December quarter of 2020-21 grew to Rs 20,102.84 crore from Rs 10,741.21 crore in the same quarter of previous financial year.

On the asset front, bank’s gross non-performing assets (NPAs) fell to 13.49 per cent of the gross advances by the end of the December quarter as against 14.86 per cent by the end of December 2019.

In value terms, the gross NPAs stood at Rs 87,968.62 crore as against Rs 49,923.58 crore.

Net NPAs were 3.27 per cent at Rs 19,063.05 crore, down from 6.99 per cent at Rs 21,510.28 crore.

Stock of Union Bank closed at Rs 31.05 apiece on the BSE, up 5.25 per cent from the previous close.

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