NEW DELHI: Public sector lender Union Bank of India on Friday announced 106.81 % increase in net profit to Rs 2,245 crore for the third quarter ending December 2022, supported by rise in net interest income.
Net interest income, which is the difference between interest earned and interest paid, rose 20 % to Rs 8,628 crore in Q3FY23 as against Rs 7,174 crore in the same quarter last year. The non-interest income rose to Rs 3,271 crore during the quarter, recording a rise of 29.6 %. Total income increased to Rs 24,154 crore in Q3FY23 from Rs 19,454 crore in the year-ago period.
Asset quality of the bank improved as the bank’s gross non-performing assets (NPAs) declined to 7.93 % as compared to 11.62 % at the end of third quarter of previous fiscal year. The net NPAs eased to 2.14 %, as against 4.09 % in the same period a year ago. Total business of the bank increased by 16.31% year-on-year, wherein gross advances increased by 20.09 % while total deposit grew by 13.61%.
HDFC Life profit up 15% to Rs 315 cr
New Delhi: HDFC Life on Friday reported a 15% rise in net profit to Rs 315 crore for the third quarter ended December. The private sector insurer’s profit stood at Rs 274 crore in the year-ago period, it said in a regulatory filing. Total income increased to Rs 19,693 crore in the latest December quarter from Rs 14,222 crore in October-December 2021. Its solvency ratio improved to 209% from 190% as on December 31, 2021.
BoM net profit doubles to Rs 775 cr
NEW DELHI: State-owned Bank of Maharashtra (BoM) on Monday reported more than two-fold jump in its profit at Rs 775 crore in the quarter ending December 2022 due to increase in net interest income and improved asset quality. The Pune-headquartered public sector bank, which is eyeing a QIP of Rs 500-1,000 crore in the fourth quarter, reported a net profit of Rs 325 crore in the year-ago period.