Union Bank of India posts 30% Q2 profit rise
Business
Union Bank of India just posted a strong 30% jump in its net profit for the July-September quarter, hitting ₹5,537 crore (up from ₹4,249 crore last year).
This boost mainly came from higher net interest income and a decline in provisions and contingencies.
Union Bank lending up 19%
The bank's lending grew by 19%, while deposits rose by 7%.
There's good news on the quality front too: bad loans dropped to 2.42% of total advances (down from 3.29% last year), and net NPAs are now just 0.42%.
By the end of September, total deposits reached over ₹13 lakh crore, with more people parking their money in low-cost savings and current accounts.