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Published On: Friday, November 18, 2022 | By: Team KnowMyStock
In the July-September quarter (Q2FY23), Union Bank of India's net profit rose by 21.07 percent year-on-year (YoY) to Rs 1,848 crore from Rs 1,526 crore in Q2FY22, on the back of an improvement in its net interest margin (NIM). The state-run lender's net interest income (NII), meanwhile, was up 21.61 percent YoY to Rs 8,305 crore in Q2FY23, whereas net interest margin (NIM) improved to 3.15 percent in Q2FY23 from 2.95 percent in Q2FY22. Asset quality profile improved 12.6 percent YoY with gross non-performing assets (GNPAs) at 8.45 percent and net NPAs dipped to 2.64 percent from 4.61 percent. A significant increase in Union's market share in advances and deposits led to a material increase in systemic importance and consistent improvement in the bank's capital and profitability buffers (with increased profitability from the core lending operations), while maintaining peer-comparable asset quality, and overall improvement in operating environment could lead to positive rating action," said analysts at lndia Ratings and Research.
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