Union Bank of India Q1 result: PAT rises 13.7% on-year to Rs 3,679 crore

Gross non-performing assets (NPS) ratio of the banks reduced to 4.54 percent as on June 30, as compared to 4.76 percent in a quarter ago period and 7.34 percent in a year ago period.

Union Bank of India on July 19 reported a 13.68 percent on-year rise in its profit after tax to Rs 3,679 crore in the first quarter of the current financial year.

On sequential basis, net profit rises 11.11 percent.

Gross non-performing assets (NPS) ratio of the banks reduced to 4.54 percent as on June 30, as compared to 4.76 percent in a quarter ago period and 7.34 percent in a year ago period.

Net NPA ratio of the lender eased to 0.90 percent as on June 30, as against 1.03 percent in a quarter ago period and 1.58 percent in a year ago period.

In the reporting quarter, provision coverage ratio of the bank stood at 93.49 percent as in June 30, as compared to 92.69 percent as on March 31, and 90.86 percent as on June 30, 2023.

In April-June, interest income of the lender stood at Rs 26,364 crore, which was up 12.29 percent on a yearly basis. It stood at Rs 23,478 crore in a year ago period.

Total deposit of Union Bank of India stood at Rs 12.24 lakh crore as on June 30, 2024, as against Rs 11.28 lakh crore as on June 30, 2023.