Union Bank's Q1 Profit rises 14% to 
3,679 crore, NII Hits 9,412 crore
State-led Union Bank of India on Friday (July 19) revealed a 13.7% year-on-year (YoY) growth in net benefit at 
3,678.9 crore for the primary quarter that finished June 30, 2024.
Union Bank of India reported a net profit of 3,236.4 crore rupees in the comparable quarter in a regulatory filing. Net revenue pay (NII), which is the distinction between the premium pay a bank procures from its loaning operations and the premium it pays to contributors, is up 6.5%, coming at 9,412.1 crore against â¹8,839.7 crore in the relating quarter of FY24.
In the June quarter, the gross non-performing asset (GNPA) was 4.54 percent, compared to 4.76 percent in the March quarter. Net NPA was 0.90%, down from 1.03% quarter-over-quarter. In terms of money, gross NPA was 41,422.9 crores, down from 43,097.7 crores quarter-over-quarter, and net NPA was 7,902 crores, down from 8,989.9 crores quarter-over-quarter.
Provisions totaled 2,755.8 crores, compared to 1,259.6 crores quarter-over-quarter and 2,005 crores year-over-year. As of June 30, 2024, gross NPA (percent) decreased by 280 basis points to 4.54 percent, and net NPA (percent) decreased by 68 basis points to 0.90 percent. CRAR improved from 15.95% as of June 30, 2023, to 17.02% as of June 30, 2024. As of June 30, 2024, the CET1 ratio was 13.81 percent, up from 12.34 percent as of June 30, 2023.
During the first quarter of FY25, the bank’s Return on Equity and Return on Assets are respectively 15.70% and 1.06 percent. The outcomes came after the market hours had ended. Shares of Association Bank of India Ltd finished at 135.60, somewhere around â¹65, or 0.48% on the BSE.
