Union Bank net rises 10% despite pressure on loans

Union Bank net rises 10% despite pressure on loans

Higher provisioning towards bad loans and restructured loans tempered Union Bank of India’s net profit growth in the April-June quarter.

In the reporting quarter, the public sector bank reported a 10 per cent increase in net profit at 512 crore against Rs 464 crore in the same quarter last year.

Net interest income (the difference between interest earned and expended) was up by 15.59 per cent at Rs 1,822 crore (Rs 1,590 crore). Non-interest income nudged up marginally to Rs 491 crore (Rs 484 crore).

Mr D Sarkar, Chairman and Managing Director and Mr S.S. Mundra, Executive Director were announced the above Apr – June quarter report.

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UBI net rises 10% despite pressure on loans