Union Bank witnessed a roller-coaster ride in the stock market, opening 3.15 percent higher but plunging sharply to trade 0.10 below the previous closing price by 10 am on the NSE on October 30.
This turbulence in stock value came after a remarkable 90 percent surge in Q2 net profit triggered a rally, only to be followed by a rush among investors to book profits, resulting in the decline.
As of the latest update, the stock was trading at Rs 100.05. Union Bank reported a net profit of Rs 3,511 crore for the quarter ending September FY24.
Additionally, its net interest income experienced a 10 percent year-on-year growth, reaching Rs 9,126 crore in the quarter ending September 2023. The bank also saw a net interest margin expansion of 3 basis points, reaching 3.18 percent.
During the same period, Union Bank of India showcased an improvement in its asset quality, with gross non-performing assets (NPA) decreasing by 96 basis points to 6.38 percent, and net NPAs falling by 28 basis points to 1.3 percent.
Furthermore, the bank experienced a 4.45 percent year-on-year increase in its current account and savings account (CASA) deposits, reaching Rs 11.37 lakh crore.
