Union Bank of India Soars with 34% Profit Boost in Q2 FY25

Union Bank of India reported a 34% increase in net profit to Rs 4,720 crore for Q2 FY25, up from Rs 3,511 crore a year earlier. Total income rose to Rs 32,036 crore. Gross NPAs improved, and total business rose by 9.37%. Capital adequacy ratio also saw an increase.

State-owned Union Bank of India has achieved a noteworthy 34% surge in net profit, reaching Rs 4,720 crore for the second quarter ending in September 2024. This marks a substantial increase from the Rs 3,511 crore net profit recorded in the same quarter of the previous year.

During the reviewed quarter, the Mumbai-headquartered lender witnessed its total income elevate to Rs 32,036 crore, compared to Rs 28,282 crore in the same period of the prior year. Interest income also rose to Rs 26,708 crore, an increase from Rs 24,587 crore a year ago.

Despite an upswing in income, the net interest income experienced a slight decline by 0.87%, totaling Rs 9,047 crore. However, the bank showed strengthened asset quality, with gross non-performing assets dropping significantly. Advances rose by 9.63%, and the capital adequacy ratio improved to 17.13% by the end of September 2024.

(With inputs from agencies.)