Union Bank of India net jumps 55% to Rs 517crore in Q2

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State-owned Union Bank of India on Friday reported a 55.3 percent jump in its net profit at Rs 517 crore in the second quarter ended September.

The bank had posted a net profit of Rs 333 crore in the same quarter a year ago.

Net interest income grew by 6.1 percent to Rs 6,293 crore in the July-September period of 2020-21 from Rs 5,934 crore in the same period of 2019-20, it said in a release.

Gross Non-Performing Assets (NPAs) ratio improved to 14.71 percent of the gross advances at the end of September this year from 15.75 percent by September 2019.

Net NPAs fell to 4.13 percent as of September from 6.40 percent in the year-ago period.

Provision coverage ratio improved to 83.16 percent as of September 30, 2020, compared to 74.26 percent in the year-ago period.

Shares of Union Bank closed at Rs 24.50 apiece on BSE, up 1.45 percent from the previous close.