Union Bank of India posted a strong Q2 net profit of ₹42.49 billion, driven by an increase in interest income and disciplined provisioning. Gross NPA at 3.29% reflects on improving asset quality amid a stable operating environment.
Union Bank of India delivered robust financial performance in the September quarter, showcasing continued operational strength. The bank reported a net profit of ₹42.49 billion, supported by healthy interest income and prudent provisioning.
Key Highlights:
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Net profit for the quarter stood at ₹42.49 billion, reflecting stable growth amid a challenging macroeconomic environment.
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Interest earned during the quarter surged to ₹266.5 billion, signaling healthy asset quality and business expansion.
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Provisions and contingencies totaled ₹13.97 billion, underscoring prudent risk management by the bank.
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Gross Non-Performing Assets (NPA) remained under control at 3.29%, indicating improving credit quality.
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The bank’s focus on digitalization and retail lending continues to bolster its growth prospects.
Capital adequacy and liquidity ratios remain strong, supporting sustained business momentum.
Sources: Reuters, BSE India, NSE India