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Union Bank posts Q1 profit of Rs 332.74 crore after merger, COVID-19 provisions at Rs 343.2 crore

Net interest income during the quarter increased 154.2 percent YoY to Rs 6,403.2 crore

August 22, 2020 / 02:56 PM IST
 
 
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PSU lender Union Bank of India on August 21 has reported a profit of Rs 332.74 crore for the quarter-ended June after the merger with Corporation Bank and Andhra Bank.

Profit in the year-ago period was Rs 224.43 crore. It had posted a loss of Rs 2,503.2 crore in the March quarter.

"The working results for the quarter-ended June include operations of erstwhile Andhra Bank and erstwhile Corporation Bank. Hence, results for the current quarter are not comparable with the immediately preceding quarter and corresponding previous year," Union Bank said in a BSE filing.

Net interest income during the quarter gone by increased 154.2 percent YoY to Rs 6,403.2 crore.

Provisions and contingencies spiked 134 percent YoY and 1.5 percent sequentially to Rs 3,555.77 crore for the June quarter.

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Union Bank said it made additional COVID-19 related provisions of Rs 343.16 crore during Q1, taking total COVID provisions to Rs 682.95 crore at the end of June.

On the asset quality front, gross non-performing assets (GNPAs), as a percentage of gross advances, rose 80 basis points (bps) sequentially to 14.95 percent, but net NPAs declined 52 bps QoQ to 4.97 percent in the June quarter.

Non-interest income for Q1 increased 47.8 percent to Rs 1,462.46 crore and pre-provision operating profit jumped 114 percent to Rs 4,034 crore YoY in Q1 FY21.
Moneycontrol News
first published: Aug 21, 2020 08:03 pm
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