Union Bank of India on Saturday reported 93.3 percent rise in net profit at Rs 2,782.3 crore versus Rs 1,439.6 crore year-on-year (YoY). The net interest income (NII) was 21.9 percent up at Rs 8,250.5 crore versus Rs 6,769.4 crore YoY. The provisions stood at Rs 2,935.6 crore versus Rs 3,035.9 crore quarter-on-quarter (QoQ) and versus Rs 3,618.1 crore YoY.
The gross NPA was posted at Rs 60,987.3 crore versus Rs 63,770.2 crore (QoQ). The net NPA stood at Rs 12,927.4 cr versus Rs 16,195.1 crore (QoQ). In percentage terms, the gross NPA was registered at 7.53 percent vs 7.93 percent (QoQ) and net NPA was posted at 1.70 percent versus 2.14 percent (QoQ), Union Bank said.
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The bank reported that total business increased by 10.23 percent YoY, with gross advances increasing by 13.05 percent YoY and total deposits growing by 8.26 percent YoY. The bank's total business stands at Rs. 19,27,621 crore as of March 31, 2023.
The Board of Directors has recommended a dividend of Rs 3 per share for the year ended March 31, 2023, subject to requisite approvals.
(Edited by : Anshul)
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