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Union Bank of India shares rise 5% after Q1 profit jumps to Rs 332 crore

The PSU lender on August 21 reported a profit of Rs 332.74 crore for the quarter-ended June

August 24, 2020 / 09:42 AM IST
 
 
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Union Bank of India share price jumped almost 5 percent in morning trade bankon August 24 after the PSU bank declared its June quarter results.

The PSU lender 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.

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The stock has gained 35 percent in the last three months and was trading at Rs 31.55, up Rs 1.10, or 3.61 percent at 09:24 hours. It has touched an intraday high of Rs 32.20 and an intraday low of Rs 31.50.

It also witnessed a spurt in volume by more than 1.23 times and was trading with volumes of 434,485 shares, compared to its five day average of 332,664 shares, an increase of 30.61 percent.

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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.

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.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the bank has rising net cash flow and cash from operating activity with growth in net profit and increasing profit margin (QoQ).

Moneycontrol technical rating is bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sandip Das
first published: Aug 24, 2020 09:42 am
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