Union Bank of India’s third quarter net profit soared 107 per cent year-on-year to ₹2,245 crore on the back of healthy growth in net interest and non-interest income.

The public sector bank had reported a net profit of ₹1,085 crore in the year-ago quarter.

Net interest income was up about 20 per cent yoy at ₹8,628 crore (₹7,174 crore in the year-ago period).

Non-interest income, comprising fee based income, treasure income, and recovery in written-off accounts, among others, rose 30 per cent yoy to ₹3,271 crore (₹2,524 crore).

Provisions for non-performing assets increased about 7 per cent yoy to ₹2,443 crore (₹2,274 crore).

Net interest margin rose to 3.21 per cent from 3 per cent in the year-ago quarter.

Total deposits increased by 13.61 per cent yoy to ₹10,65,027 crore as of December-end 2022. Within total deposits, the proportion on low-cost current account, savings account deposits declined to 35.30 per cent of total deposits against 36.99 per cent in the year-ago quarter.

Gross advances rose by 20.1 per cent yoy to ₹8,04,015 crore. Within this, retail advances grew by 16.6 per cent, agriculture by 17.6 per cent and MSME by 19.6 per cent). Large corporate and other advances grew 22.9 per cent.

Gross non-performing assets (GNPAs) position improved to 7.93 per cent of gross advances as at December-end 2022 against 8.45 per cent as at September-end 2022. Net NPAs also declined to 2.14 per cent of net advances against 2.64 per cent.

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