The public sector Union Bank of India has performed brilliantly in the third quarter. The government bank has recorded a great increase of 28 percent in the net profit (net profit) in the third quarter ending December 2024. Net profit increased by Rs 4,604 crore. Better core income contributed to this. According to PTI news, the bank had earned a net profit of Rs 3,590 crore in the same quarter of a year earlier.
Total income increased to Rs 31,375 crore
According to the news, the Union Bank of India said in a regulatory filing that the total income in the quarter increased to Rs 31,375 crore in the quarter, which was Rs 29,137 crore in the same period a year ago. Interest income also increased to Rs 26,958 crore during the quarter under review, compared to Rs 25,163 crore in the same period a year ago. The operative benefit increased to Rs 7,492 crore in the third quarter of the last financial year as compared to Rs 7,278 crore.
Pure NPA also reduced
On the asset quality front, the bank’s gross non-performing asset ratio declined to 3.8 percent against 4.8 percent a year ago. Similarly, pure NPA or poor debt declined from 1.08 percent to 0.8 percent at the end of the third quarter of the previous financial year. However, the total provision except tax increased from Rs 1,748 crore to Rs 1,599 crore in the quarter of a year ago.
The provision on non-performing loans was 92.54 percent at the end of December 31, 2024 to 93.42 percent on December 31, 2024. Capital adequacy ratio increased from 15.03 percent to 16.7 percent at the end of the third quarter of the previous financial year. During the nine months ended on December 2024, the bank has made an additional provision of Rs 545.70 crore on standard advances on prudent basis.
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