Shares of Union Bank of India climbed as much as 4% intraday on Wednesday, touching a day high of Rs 177.49 on the NSE.

The public sector lender posted a sharp rise in June quarter profit, driving the strong buying interest. The stock opened at Rs 171.21, above its previous close of Rs 170.67.

The bank’s numbers tell a solid story. Standalone net profit rose nearly 30% year-on-year to Rs 5,332.30 crore, up from Rs 4,115.53 crore a year earlier. On a consolidated basis, profit came in at Rs 5,641 crore.

Total income for the quarter grew a modest 1.3% to Rs 31,806.20 crore, while operating profit jumped almost 16% to Rs 8,002.58 crore.

Asset quality kept improving too. Gross NPA fell to 2.65% from 3.52% a year ago, and net NPA dropped to 0.47%. Provisions for the quarter also came down sharply, to Rs 979.42 crore from Rs 1,664.51 crore in the same period last year, pointing to fewer fresh stress cases on the books.

There’s more supporting the growth story here. Gross advances rose 12.50% year-on-year, while deposits grew 3.50%, taking the bank’s total deposit base past Rs 12.83 lakh crore.

Total business for the bank stood at Rs 23.79 lakh crore as of 30 June. Net interest income climbed over 10% year-on-year to Rs 10,037 crore, and net interest margin edged up to 2.80%.

The bank also maintained a healthy capital position, with a Capital Adequacy Ratio of 18.46%. Return on assets stood at 1.36%, while return on equity came in at 17.23% for the quarter, both signalling steady profitability alongside the loan book growth.

As markets headed towards close on Wednesday, Union Bank of India shares were indicated at Rs 172.34 on the NSE, up around 1.17% for the day, holding on to most of the gains triggered by the earnings beat.

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