Union bank

Union Bank of India announces 8% increase in fourth quarter profit to Rs 1,440 cr

The lender had recorded a net profit of Rs 1,330 crore in the same quarter of the previous financial year.

Total income rose to Rs 20,417.44 crore in January-March 2021-22 from Rs 19,804.91 crore a year ago, the bank said in a regulatory filing.

For the year 2021-2022, standalone net profit jumped 80% to Rs 5,232 crore from Rs 2,906 crore the previous year. Total revenue slightly decreased to Rs 80,468.77 crore from Rs 80,511.83 crore in the previous fiscal year.

The bank’s gross non-performing assets (NPA or bad debts) improved to 11.11% of gross advances as of March 31, 2022, from 13.74% in the same period a year ago.

In terms of value, the gross NPAs were worth Rs 79,587.07 crore, down from Rs 89,788.20 crore in the same period a year ago.

Net NPAs fell to 3.68% (Rs 24,303.30 crore) from 4.62% (Rs 27,280.52 crore).

On a consolidated basis, net profit for the March quarter rose nearly 23% to Rs 1,557 crore from Rs 1,269 crore a year ago. Total income, however, was down to Rs 19,353.85 crore from Rs 20,681.40 crore, the public bank said.

The board has recommended a dividend of Rs 1.90 per share (19%) for the year ended March 31, 2022 subject to required approvals, the bank said.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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