Union Bank of India Q3 profit jumps 28 pc to Rs 4 604 cr

New Delhi, Jan 27 (PTI) State-owned Union Bank of India on Monday reported a 28 per cent increase in net profit at Rs 4,604 crore in the third quarter ended December 2024, helped by improved core income.
     The Mumbai-based bank had earned a net profit of Rs 3,590 crore in the same quarter a year ago.
     Total income increased to Rs 31,375 crore in the reporting quarter from Rs 29,137 crore in the same period a year ago, Union Bank of India said in a regulatory filing.
     Interest income also rose to Rs 26,958 crore during the quarter under review as compared to Rs 25,163 crore in the year-ago period.
     Operating profit grew to Rs 7,492 crore compared to Rs 7,278 crore in the third quarter of previous fiscal.
     On the asset quality front, the bank's gross non-performing assets ratio moderated to 3.8 per cent as against 4.8 per cent a year ago.
     Similarly, net NPAs, or bad loans, came down to 0.8 per cent from 1.08 per cent at the end of the third quarter last fiscal year.
     However, the overall provisions, excluding tax, increased to Rs 1,599 crore during the quarter from Rs 1,748 crore a year ago.
     Provision coverage ratio on non-performing loans improved 93.42 per cent as on December 31, 2024 as against 92.54 per cent at the end of December 31, 2023.
     Capital Adequacy Ratio rose to 16.7 per cent from 15.03 per cent at the end of the third quarter of the previous financial year.
     During the nine months ended December 2024, the bank has made an additional provision of Rs 545.70 crore on standard advances on prudential basis, it added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)