Union Bank of India (UBI) soared 255 per cent year-on-year (y-o-y) in the first quarter standalone net profit at ₹1,181 crore on the back of robust growth in other income.
The bank had reported a net profit of ₹333 crore in the year- ago quarter.
In the first quarter ended June 30, 2021, net interest income (NII) was up about 9.50 per cent y-o-y to ₹7,013 crore ( ₹6,403 crore in the year- ago quarter).
Other income from activities such as commission, fees, earnings from foreign exchange and derivative transactions, profit and loss from sale of investment and recoveries from written off accounts, jumped 98 per cent y-o-y to ₹2,901 crore ( ₹1,462 crore).
Loan loss provisions nudged up a tad to ₹2,492 crore ( ₹2,451 crore).
Gross NPAs declined to 13.60 per cent of gross advances as at June-end 2021 against 14.95 per cent as at June-end 2020.
Net NPA position, however, improved to 4.69 per cent of net advances as at June-end 2021 against 4.97 per cent as at June-end 2020.
Deposits edged up 0.3 per cent y-o-y to ₹9,08,528 crore. Advances inched up 0.49 per cent y-o-y to ₹5,84,596 crore.