Union Bank reports Rs 139 cr net profit in Q2

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Union Bank reports Rs 139 cr net profit in Q2

Union Bank of India reported a net profit of Rs 139 crore in the second quarter ended September 30, 2018, against a net loss of Rs 1,531 crore in the year-ago quarter.

Net interest income (the difference between interest earned and interest expended) increased by about 7 percent to Rs 2,494 crore (Rs 2,321 crore in the year-ago quarter).

Other income declined 26 percent year-on-year (YoY) to Rs 899 crore due to the 75 percent yoy decline in treasury income to Rs 153 crore.

Fresh non-performing asset (NPA) accretion slowed to Rs 2,667 crore against Rs 4,652 crore in the preceding quarter. Slippages mainly came from the medium and large enterprises (Rs 1,220 crore) and agriculture (Rs 784 crore).

NPA reduction during the quarter was higher at Rs 3,483 crore against Rs 3,049 crore in the preceding quarter.

Gross NPAs as a percentage of gross advances declined to 15.74 percent against 16 percent in the first quarter.

Total deposits nudged up 3.4 percent YoY to Rs 3,99,092 crore. Gross advances inched up 2.8 percent to Rs 3,18,563 crore.

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