Union Bank Q2 net profit up 30% as margins improve
Total advances in the September quarter increased 19% year-on-year to ₹11.6 lakh crore, led by a 17% growth in domestic advances, which was supported by a 24% increase in corporate advances to ₹5.2 lakh crore. The bank has a corporate loan pipeline of ₹1 lakh crore.
Mumbai: Union Bank of India has reported a 30% year-on-year increase in quarterly net profit, supported by higher net interest income (NII) and a drop in provisions. Net profit for the September quarter increased to ₹5,537 crore from ₹4,249 crore a year ago, while net interest income rose 20% to ₹10,582 crore, the bank said on Monday. Provisions nearly halved to ₹701 crore in the September quarter, down from ₹1,397 crore a year ago.Total advances in the September quarter increased 19% year-on-year to ₹11.6 lakh crore, led by a 17% growth in domestic advances, which was supported by a 24% increase in corporate advances to ₹5.2 lakh crore.
