The Business Bytes
TBB BUREAU
MUMBAI, JAN 20, 2024
Union Bank of India on Saturday reported a substantial 59.91 per cent year-on-year surge in net profit, reaching Rs 3,590 crore for the October-December quarter of FY24. This impressive growth is attributed to decreased provisioning and heightened interest income. In comparison, the bank had recorded a net profit of Rs 2,249 crore during the same quarter the previous year.
Following the announcement of these robust financial results, the government-owned bank witnessed a noteworthy surge in its share price, reaching a 52-week high of Rs 145.25 per share. This represents a substantial 6.72 per cent increase in a special trading session held on Saturday.
The bank’s total income for the third quarter rose to Rs 29,137 crore, up from Rs 24,154 crore in the corresponding period the previous year, according to the official filing. Furthermore, interest income experienced a significant uptick, soaring to Rs 25,363 crore from Rs 20,883 crore in the previous year.
In terms of provisions and contingencies, the bank demonstrated a considerable reduction, declining to Rs 1,748 crore in Q3, as opposed to Rs 3,036 crore reported in the corresponding period last year. These financial indicators underscore Union Bank of India’s robust performance and strategic financial management during this period.
