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Union Bank's first quarter profit edges 73 pc higher to Rs 225 crore

Mumbai , Aug 2 : State-owned Union Bank on Friday reported 73 per cent increase in its net profit at Rs 225 crore during the April to June quarter from Rs 130 crore in the corresponding quarter of previous fiscal year.

The operating profit increased by 9 per cent to Rs 1,887 crore over Rs 1,730 crore during January to March 2019. However, net interest income in Q1 FY20 dropped from Rs 2,519 crore from Rs 2,626 crore in the year-on period.

On the other hand, total deposits grew from Rs 4.05 lakh crore on June 30 last year to Rs 4.3 lakh crore on June 30 this year, marking a growth of 5.9 per cent. Saving deposits grew by 6.6 per cent to Rs 1.23 lakh crore from Rs 1.15 lakh crore.

Retail advances grew by 15.6 per cent to Rs 57,735 crore from Rs 49,961 crore at the end of Q1 FY19. The cost-to-income ratio improved to 46.22 per cent in Q1 FY20 as against 55.33 per cent in Q4 FY19.

While gross non-performing assets dropped to 15.18 per cent from 16 per cent, net NPA ratio stood at 7.23 per cent compared to 8.7 per cent in June last year.

Provision coverage ratio stood at 65.88 per cent as against 56.49 per cent in the year-ago period, the bank said in a statement.



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Union Bank's first quarter profit edges 73 pc higher to Rs 225 crore


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