Union Bank of India’s Q3 net up 49%

New Delhi: State-owned Union Bank of India on Monday posted a 49 per cent jump in net profit to Rs 1,085 crore in the third quarter ended December 31.

The bank had earned a net profit of Rs 727 crore in the corresponding quarter of the previous financial year. Its total income during the October-December quarter of 2021- 22 declined to Rs 19,453.74 crore from Rs 20,102.84 crore in the corresponding quarter of the previous financial year, Union Bank of India said in a regulatory filing.

On the asset quality front, the bank’s gross non-performing assets (NPAs) fell to 11.62 per cent of the gross advances by the end of the December 2022 quarter, compared with 13.49 per cent by the end of December 2020.

However, net NPAs increased to 4.09 per cent, up from 3.27 per cent at the end of December 2020. Indian Bank profit up 34% Indian Bank on Monday reported 34 per cent jump in standalone net profit at Rs 689.73crore for the quarter ended December 2021. The public sector bank had logged a net profit of Rs 514.28crore in the same quarter a year ago. The net profit was down nearly 37 per cent from Rs 1,089.18crore in the preceding September quarter. Total income during October-December 2021-22 rose to Rs 11,481.80crore as against Rs 11,167.86crore in the year-ago period, Indian Bank said in a regulatory filing. Gross non-performing assets (NPAs) were at 9.13 per cent of gross advances as of December 31, 2021 as against 9.04 per cent by the end of December 2020.

However, net NPAs or bad loans were down at 2.72 per cent against 2.35 per cent. Both the NPA ratios were down when compared to the September 2021 quarter. Punjab & Sind Bank posts profit State-owned Punjab & Sind Bank (PSB) on Monday reported a net profit of Rs 301 crore for the quarter ended December 2021 on healthy growth in core income and fall in provisioning requirements.

The lender had posted a net loss of Rs 2,376 crore in the same quarter a year ago. Sequentially, the net profit was up by 38.1 per cent from Rs 218crore in the quarter ended September 2021. Total income rose to Rs 2,042.03 crore, as against Rs 1,973.78 crore in Q3 FY21, PSB said in a regulatory filing. Net interest income was up by 23.1 per cent to Rs 758 crore, from Rs 616crore. The bank’s provisions for nonperforming assets (NPAs) fell to Rs 325 crore during the quarter, as against Rs 1,482 crore reserved for the same period last fiscal. (PTI)