MUMBAI: Public sector lender Union Bank of India has reported a 93.27% rise in standalone net profit at to Rs 2,782 crore for the quarter that ended March, compared to Rs 1,440 crore in the same quarter of the previous year.
The net interest income rose 21.9% to Rs 8,250.5 crore during the quarter compared to Rs 6,769.4 crore in the previous quarter. The provisions stood at Rs 2,935.6 crore in the quarter that ended March this year against Rs 3,618.1 crore in the same quarter the previous year.
Non-interest income grew 62.48% to Rs 5,269 crore in January-March 2023, helped by handsome performance on the recoveries front.
“We are expecting 10-12% growth in advances and 8-10 % growth in deposits in the current financial year,” said A Manimekhalai, managing director and chief executive of Union Bank of India, addressing the press conference.
Recoveries from accounts written off in the past zoomed to Rs 2,954 crore from Rs 294 crore in the year-ago period, boosting the bottom line.