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Union Bank net profit surges 57 percent

Posted on Nov 02, 02:20PM | IANS

The government-run Union Bank of India Friday announced a 57 percent jump in net profit for the second quarter of the current financial year.

The bank has posted net profit of Rs.554 crore for the July-September quarter of 2012-13 as compared to Rs.353 crore recorded during the corresponding quarter of the previous year, registering an increase of 56.94 percent.

The bank's net interest income grew by 11.38 percent to Rs.1,850 crore during the second quarter of the current financial year as compared to Rs.1,661 crore recorded in the corresponding period of 2011-12.

Gross non-performing assets (NPA) of the bank declined to 3.66 percent as on Sep 30, 2012 as compared to 3.76 percent recorded at the end of the previous quarter.

The net NPA stood at 2.06 percent at the end of the second quarter as against 2.20 percent recorded in the first quarter of 2012.

Union Bank share price rallied 6.22 percent to Rs.219.30 at the Bombay Stock Exchange (BSE) Friday after the company announced its better-than-expected results.