Union Bank Q1 results: profits rise by 32%


Union Bank of India's net profit rose by 32 % Y-o-Y basis to Rs 1,558 crore in the quarter ending in June 2022, while the net profit recorded was Rs 1,181 crore during the same period last year.

In a comparison with the last quarter of the previous year, the net profit rose 8.19 % from Rs 1,440 crore.

Its net interest income (NII) grew 8.11 % to Rs 7,582 crore from Rs 7,013 crore in the same quarter last year. The same saw a rise of 12% from Rs 6,769 crores posted in the last quarter of the previous financial year.

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Manimekhalai, the managing director said, “The NIM was expected to improve to 3.1 % by March 2023.”

Its non-interest income rose by just 1.36 % to Rs 2,817 crore in the first quarter of the financial year 2023 from Rs 2,779 crore in the same period a year ago. It fell sequentially from Rs 3,243 crore in Q4FY22.

Improvements in asset quality of the bank were seen with gross non-performing assets (GNPAs) declining to 10.22 % in June 2022 from 13.6 % in the year-ago quarter and 11.11 % in March 2022.

Similarly, Net NPAs fell from 4.69 % a year ago to 3.31% in June 2022 and against 3.68 % in March 2022.

“Last year, Rs 38,500 crore had gone out of India for studying abroad. We are seeing a big opportunity here,” she said. “We are waiting for an improvement in market conditions and we should be able to float our qualified institutional placement (QIP) in the third quarter. We can raise around Rs 3,500 crore through QIP,” said Manimekhalai.

The bank's stock closed at Rs 37.65, up by 1.35 %, on the NSE on Wednesday.

-by Gautam

This news piece is brought to you in association with jobaaj.com

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