Union Bank of India reported more than double year-on-year growth in its net profit for the quarter that ended December 31, 2022, to INR 2,234 crore. The bank reported more than double net profit alongside healthy asset quality figures.
The lender recorded a net profit of INR 2,234 crore, doubling from last year’s figures of INR 1085 crore. The bank’s operating profit jumped to INR 6,619 crore from last year’s INR 5,098 crore. Union Bank’s gross non-performing asset (GNPA) ratio stood at 7.93 percent, down from 11.62 percent last year. The lender’s net NPA ratio stood at 2.14 percent down from 4.09 percent.
The bank’s corporate banking division, which incurred a loss of INR 144 crore for December 2021, posted a massive profit of INR 1,102 crore. Retail banking, which constitutes the bank’s major operations, reported a profit of INR 1,742 crore, from last year’s INR 1082 crore.