Union Bank of India has released its financial results for the second quarter of the fiscal year 2024. The bank reported a significant increase in net profit, showcasing strong financial performance during the period.
The net profit for the quarter stood at ₹2,225 crore, marking a substantial growth compared to the previous year. This increase is attributed to higher net interest income and improved asset quality.
The bank’s net interest income rose to ₹7,500 crore, reflecting a robust growth driven by an increase in advances and a stable net interest margin. Additionally, the asset quality improved with the gross non-performing assets (NPA) ratio declining to 6.4% from 7.6% in the same quarter last year.
Union Bank of India also reported a capital adequacy ratio of 13.5%, which is well above the regulatory requirement, indicating a strong capital position. The bank continues to focus on strengthening its balance sheet and enhancing its digital capabilities to provide better services to its customers.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).