The Business Bytes
TBB BUREAU
NEW DELHI, MAY 13, 2022
Union Bank of India on Friday reported over 8 per cent rise in standalone net profit at Rs 1,440 crore for the quarter ended March 2022.
The lender had logged a net profit of Rs 1,330 crore in the same quarter of previous fiscal year.
Total income rose to Rs 20,417.44 crore during January-March 2021-22 as against Rs 19,804.91 crore in the year-ago period, the bank said in a regulatory filing.
For the full year 2021-22, standalone net profit jumped 80 per cent to Rs 5,232 crore from Rs 2,906 crore in previous year. Total income was down a tad at Rs 80,468.77 crore from Rs 80,511.83 crore in previous fiscal.
The bank’s gross non-performing assets (NPAs or bad loans) improved at 11.11 per cent of gross advances as of March 31, 2022 from 13.74 per cent by the year-ago same period.
In value terms, gross NPAs were worth Rs 79,587.07 crore, down from Rs 89,788.20 crore by the year-ago same period.
Net NPAs fell to 3.68 per cent (Rs 24,303.30 crore) from 4.62 per cent (Rs 27,280.52 crore).
On a consolidated basis, net profit in March quarter rose nearly 23 per cent to Rs 1,557 crore as against Rs 1,269 crore in the year-ago period. Total income, however, was down at Rs 19,353.85 crore from Rs 20,681.40 crore, the state-owned bank said.
The Board of Directors has recommended a dividend of Rs 1.90 per equity share (19 per cent) for the year ended March 31, 2022 subject to requisite approvals, the bank said.
