Latest News | Union Bank of India Shares Rally 6 Pc After Earnings

New Delhi, Nov 2 (PTI) Shares of Union Bank of India on Tuesday rallied 6 per cent after the company reported a nearly three-fold jump in standalone net profit for the September quarter.

The stock zoomed 6 per cent to close at Rs 49.45 on BSE. During the day, it jumped 6.96 per cent to Rs 49.90.

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On NSE, it gained 5.68 per cent to settle at Rs 49.30.

State-owned Union Bank of India on Tuesday reported a nearly three-fold jump in standalone net profit to Rs 1,526.12 crore for the September quarter.

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The lender had posted a net profit of Rs 516.62 crore in the corresponding quarter of the previous financial year.

Its total income during the July-September period rose to Rs 20,683.95 crore as compared with Rs 20,182.62 crore in the year-ago period, the bank said in a regulatory filing.

Provisionings for bad loans and contingencies in the reported quarter fell to Rs 3,723.76 crore, against Rs 4,242.45 crore a year ago.

The bank's asset quality improved with the gross non-performing assets falling to 12.64 per cent of the gross advances by the end of September 2021, from 14.71 per cent by the end of September 2020.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)