Union Bank of India reported a net profit of Rs 2,245 crore in the October-December quarter of FY23, which is significantly higher than a net profit of Rs 1,085 crore recorded in the October-December quarter of FY22.

Net interest income (NII) increased by 20.3% to Rs 8,628 crore in the October-December quarter of FY23 from Rs 7,174 crore in the October-December quarter of  FY22. Net interest margin was 3.21% in the October-December quarter of FY23 against 3% in FY22. Total income during the quarter increased by 24% YoY to Rs 24,154 crore.

Operating Profit rose 29.8% to Rs 6,619 crore in Q3 FY23 over Q3 FY22.

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Provisions in the December quarter amounted to Rs 4,374 crore, which is higher by 9% compared with Rs 4,013 crore reported in the October-December quarter of FY22.

At the end of December 2022, Gross NPA stood at Rs 63,770 crore against Rs 65,391 crore on September 30, 2022, and Rs 77,787 crore in the same period of last year.

CRAR improved from 13.92 % in the October-December quarter of  FY23 to 14.45% in FY22. CET-1 ratio improved to 10.71% in the October-December quarter of  FY23 from 10.18% October-December quarter of FY22.

The public sector bank is engaged in treasury operations, wholesale banking, corporate and retail banking operations. So, the GOI held an 83.49% stake in the bank as on December 31 2022.

On BSE, the scrip shed 0.06% to trade at Rs 81.55.