BusinessUnion Bank Q1 2022 Profit up 32% to Rs 1,558 crore, asset...

Union Bank Q1 2022 Profit up 32% to Rs 1,558 crore, asset quality also improved

In rupees, the gross NPA of the bank has increased from Rs 79,587 crore to Rs 74,500 crore on a quarter-on-quarter basis.

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Union Bank Q1 Result 2022: Union Bank of India has today declared the results for the first quarter ended June 30, 2022. The bank’s standalone profit during the period jumped 32 per cent to Rs 1,558.46 crore. There has been a decline in the bank’s band loans during this period, which has seen a good increase in the bank’s profits. Significantly, in the first quarter of the financial year 2021-22, the bank’s standalone net profit stood at Rs 1,180.98 crore.

The company’s core interest income has also seen a good growth in the first quarter. The bank’s income increased to Rs 20,991.09 crore for the first quarter ended June 30, 2022 from Rs 19,913.64 crore in the first quarter of FY 2021-22.

In the first quarter of FY 2023, the bank’s interest has increased by 6.1 per cent year-on-year to Rs 18,174.24 crore as against Rs 17,134.23 crore in the first quarter of FY 2022. However, the total expenditure of the bank during this period has increased from Rs 14,732.29 crore to Rs 15,543.53 crore on a year-on-year basis.

There has also been an improvement in the asset quality of the bank during this period. The gross NPAs of the bank have increased from 11.11 per cent to 10.22 per cent on a quarter-on-quarter basis. Whereas Net NPAs have come down from 3.68 per cent to 3.31 per cent.

In rupee terms, the gross NPA of the bank has increased from Rs 79,587 crore to Rs 74,500 crore on a quarter-on-quarter basis. Whereas Net NPAs have come down from Rs 24,303 crore to Rs 22,392 crore.

Today i.e. July 26, the stock of Union Bank closed at Rs 37.15 with a fall of Rs 0.80 or 2.11 per cent on the NSE.

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