Union Bank of India Q3 profit surges 60% to Rs 3,590 crore

Union Bank of India Q3 results: Union Bank of India’s profit zoomed 59.9 per cent Rs 3,589.9 crore in the December quarter (Q3FY24), as against Rs 2,244.8 crore in the same quarter a year ago (Q3FY23).

The bank’s Net Interest Income (NII) surged 6.3 per cent to Rs 9,168 crore, from Rs 8,628 crore in the same quarter a year ago.

The state lender’s Goss Non-performing Assets (GNPAs) improved nearly 20 per cent to Rs 43,261.9 crore in the December quarter, from Rs 54,012 crore in the previous quarter of the same fiscal (Q2FY24).

Its Net Non-performing Assets (NNPAs) eased 10.3 per cent sequentially to Rs 9,351.2 crore, from Rs 10,421 crore in Q2FY24.

The bank’s GNPA appreciated 155 basis points (bps) sequentially to 4.83 per cent in Q3FY24, from 6.38 per cent in Q2FY24. While its NNPA improved 22 bps to 1.08 per cent, from 1.30 per cent in Q2FY24.

Total Business of the bank jumped 10.7 per cent annually, wherein Gross Advances increased 11.4 per cent annually & total deposit grew 10.1 per cent YoY. 

The Bank has a total business of Rs 20,68,429 crore as on December 31, 2023.  

Notably, bank’s Return on Assets & Return on Equity improved to 1.07 per cent and 17.25 per cent, respectively during the third quarter (Q3FY24).

The shares of the bank zoomed after December quarter results. As of 2:20 pm, shares of the bank were trading 6 per cent higher at Rs 144.30 per share.