Union Bank Q3 net profit down 20.49% at Rs 534.1 cr

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Union Bank of India has announced its third quarter results of FY10. The bank's net profit went down 20.49% to Rs 534.1 crore from Rs 671.74 crore, on year-on-year basis (YoY).

Net interest income (NII) also declined 5.56% to Rs 1,065 crore from Rs 1,128.35 crore. The bottomline was above the estimates while topline was slightly above the estimates; earlier CNBC-TV18 poll saw net profit at Rs 496 crore and NII at Rs 1,017.36 crore.

Provisions for the third quarter stood at Rs 161.1 crore as against writeback of Rs 44.9 crore.

Other income increased 18.34% to Rs 464 crore from Rs 392.1 crore and net non-performing asset went up to 0.58% versus 0.14%.

Salary cost rose 0.62% to Rs 324.5 crore from Rs 322.49 crore. Tax outgo was less at Rs 219 crore as compared to Rs 228 crore in the Q3FY09.

Provisions were at Rs 161.09 crore as against reversal of Rs 44.93 crore.

Net NPAs

*Q3FY10: 0.58%
*Q2FY10: 0.23%
*Q1FY10: 0.72%
*Q4FY09: 0.34%
*Q3FY09: 0.14%

Capital adequacy ratio

*Q3FY10: 13.46%
*Q2FY10: 13.76%
*Q1FY10: 12.35%
*Q4FY09: 12.01%
*Q3FY09: 12.32%