Public Sector Union Bank of India on Thursday reported a 21.07 per cent increase in net profit to INR 1,848 crore, for the second quarter ended September 30, 2022, due to reduction in Non Performing Assets (NPA).
During the period in the previous year, the net profit was Rs 1,526 crore while the Net NPA during the Q2 FY23 was reduced to 2.64 percent against 4.61 per cent in the corresponding quarter in the previous year.
Net interest income rose 21.61 per cent to Rs 8,305 crore, while net interest margin jumped to 3.15 per cent from 2.95 percent, the bank said in a release.
The Bank continues to demonstrate a strong liability franchise, it said that its CASA deposits have increased by 9.42 per cent YoY and now the Bank has a total deposits base at Rs.10,43,265 Crore at the end of Q2FY23.
Total Business of the Bank increased by 17.33 per cent YoY, wherein Gross Advances increased by 21.92 percent YoY and Total Deposit grew by 14.14 per cent YoY.
Bank now has a total Business of Rs.18,16,955 crore as on September 30, 2022, the release added.
