Union Bank of India's Profits Surge Amid Strong Financials

Union Bank of India, a state-owned bank, reported a 28% increase in net profit for the third quarter ending December 2024, with net profit reaching Rs 4,604 crore. Improved core income propelled the bank's performance, contributing to higher interest and total income, as well as better asset quality indicators.

Union Bank of India, a government-owned financial institution, announced a significant 28% rise in net profit for the third quarter ending December 2024, amounting to Rs 4,604 crore.

The Mumbai-based bank's financial success is attributed to enhanced core income, leading to increased total income of Rs 31,375 crore, up from Rs 29,137 crore recorded during the same period last year.

Notably, interest income ascended to Rs 26,958 crore. The bank showcased an improved asset quality, with gross NPAs reduced to 3.8% and net NPAs down to 0.8%. Capital Adequacy Ratio also improved, reaching 16.7% compared to 15.03% last year.

(With inputs from agencies.)