Union Bank of India on Monday reported a rise of 49.29 per cent in its net profit for the third quarter of FY22 on a year-on-year basis.
The net profit rose to Rs 1,085 crore from Rs 727 crore during the corresponding period of the previous fiscal. Besides, the lender’s net interest income rose by 8.88 per cent to Rs 7,174 crore during the quarter ended December 31, 2021, compared to Rs 6,590 crore in the corresponding period of the previous fiscal.
The total provisions of the bank during the quarter under review declined by 11.57 per cent to Rs 4,013 crore from Rs 4,538 crore. Furthermore, the bank’s gross NPA reduced by 102 bps on a QoQ basis to 11.62 per cent and net NPA reduced by 52 bps on QoQ basis to 4.09 per cent as on December 31, 2021.
In addition, the bank’s CRAR improved from 12.98 per cent as on December 31, 2020 to 13.92 per cent as on December 31, 2021.