Union Bank posts 3-fold jump in Q1 profit to `1,120 cr

State-owned Union Bank of India on Thursday reported over three-fold jump in consolidated net profit at Rs 1,120.15 crore for the first quarter ended June 30, 2021.

The bank clocked a net profit of Rs 340.95 crore in the same quarter of 2020-21. However, compared sequentially, the net profit was down from Rs 1,269.18 crore in March quarter 2021. Total income rose to Rs 20,666.62 crore in the quarter under review from Rs 20,487.01 crore in the year-ago period, Union Bank of India said in a regulatory filing.

Provisions for bad loans and contingencies for the quarter were nearly stable at Rs 3,593.33 crore as against Rs3,590.22 crore. Bad assets were brought down as gross non-performing assets (NPAs) stood at 13.60 per cent of gross advances as on June 30, 2021, from 14.95 per cent by the end of June 2020. The value of gross NPAs was Rs 87,762.19 crore, down from Rs 97,189.95 crore. Net NPAs fell to 4.69 per cent (Rs 27,437.45 crore) from 4.97 per cent (Rs 28,913.50 crore).

The standalone net profit of the bank was at Rs 1,180.98 crore in June 2021 quarter, up by over three-fold from Rs 332.74 crore in the year-ago period. Union Bank of India stock closed 6.90 per cent up at Rs 37.95 on BSE.