Provisions in April-June quarter stood at Rs 393 crore, down significantly compared to Rs 920 crore in previous quarter and Rs 681 crore in corresponding quarter of last fiscal.
State-owned lender Union Bank of India surpassed street expectations with the net profit rising 18.5 percent year-on-year at Rs 664 crore in April-June quarter led by lower provisions but impacted by lower other income. Profit in the corresponding quarter of last fiscal was Rs 560.2 crore. Net interest income, the difference between interest earned and interest expended, rose by 10.9 percent on yearly basis to Rs 2,117 crore in the quarter ended June 2014., Other income (non-interest income) during the quarter increased by 8.6 percent to Rs 691.4 crore in June quarter compared to Rs 756.3 crore in the year-ago period. Provisions in April-June quarter stood at Rs 393 crore, down significantly compared to Rs 920 crore in previous quarter and Rs 681 crore in corresponding quarter of last fiscal. Asset quality weakened during the quarter with the gross non-performing assets (NPA) rising by 19 basis points sequentially (up 77 basis points Y-o-) to 4.27 percent.
State-owned lender Union Bank of India surpassed street expectations with the net profit rising 18.5 percent year-on-year at Rs 664 crore in April-June quarter led by lower provisions but impacted by lower other income. Profit in the corresponding quarter of last fiscal was Rs 560.2 crore. Net interest income, the difference between interest earned and interest expended, rose by 10.9 percent on yearly basis to Rs 2,117 crore in the quarter ended June 2014., Other income (non-interest income) during the quarter increased by 8.6 percent to Rs 691.4 crore in June quarter compared to Rs 756.3 crore in the year-ago period. Provisions in April-June quarter stood at Rs 393 crore, down significantly compared to Rs 920 crore in previous quarter and Rs 681 crore in corresponding quarter of last fiscal. Asset quality weakened during the quarter with the gross non-performing assets (NPA) rising by 19 basis points sequentially (up 77 basis points Y-o-) to 4.27 percent.
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