Union Bank of India Q2 PAT jumps 34% to ₹4,720 crore as asset quality improves

Union Bank of India reported 34.43% growth in net profit to ₹4,720 crore for the quarter ended September 30 from ₹3,511 crore in the year-earlier period.

Net interest income (NII) declined about 1% to ₹9,047 crore., while net interest margin fell 28 basis points (bps) to 2.9%, the bank said in a filing. Gross non-performing assets (NPA) fell 25% to ₹40,499 crore from ₹54,012 crore in the year-earlier period.

Net NPA fell 16% to ₹8,759 crore compared with ₹10,421 crore a year earlier. Total provisions fell 8.52% to ₹3,393 crore.

Domestic deposits increased by 8.12% YoY. The bank has a total deposits base of ₹12,41,947 crore as on September 30, 2024.  Total business of the bank increased by 9.37% YoY, wherein gross advances increased by 9.63% YoY. Retail, agriculture and MSME loans increased by 12.31% YoY, with 14.33% growth in retail, 15.96% growth in agriculture and 5.24% growth in MSME.