2024-01-23 20:31:00
State-owned Union Bank of India’s net profit rose 60 per cent in the December quarter.
A statement issued by the bank said:
In the 3rd quarter of the current financial year 2023-24 ended last December 31, the bank posted a net profit of Rs. 3,590 crores. This is an increase of 60 percent compared to the same quarter of the previous financial year 2022-23.
The net profit for the assessment quarter increased by Rs 79 crore over the 2nd quarter from last July to September.
During this period the bank’s lending increased by 11.44 percent to Rs. 8,95,974 crores. Net interest income increased by 6.26 per cent to Rs 9,168 crore and other income increased by 15.4 per cent to Rs 3,774 crore.
The bank’s net bad loan ratio declined by 106 basis points to 1.08 percent (Rs 9,351 crore) as on December 31, the press release said.
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