The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 7, 2021
State-owned Union Bank of India on Monday reported a standalone net profit of Rs 1,329.77 crore for the fourth quarter (Q4) of Financial Year 2020-21 (FY21).
The Bank said the results of the quarter and year ended March 31, 2021 are not comparable with the corresponding periods of previous year as these include operations of the erstwhile Andhra Bank and Corporation Bank.
These two banks were amalgamated into Union Bank of India with effect from April 1, 2020.
Total income during March quarter 2020-21 was at Rs 20,025.99 crore. In the year-ago period it was Rs 11,306.99 crore.
For FY2020-21, there was a net profit of Rs 2,905.97 crore on a standalone basis. In 2019-20, the bank reported a net loss of Rs 2,897.78 crore, as an unamalgamated entity.
Total income during the year was recorded at Rs 80,104.19 crore as against Rs 42,491.91 crore in 2019-20.
The gross non-performing assets (NPAs) fell to 13.74 per cent of the gross advances as of March 2021 as against 14.15 per cent by the end of same month last year.
Net NPAs or bad loans came down to 4.62 per cent from 5.49 per cent.
