Home Business Union Bank's Q1FY21 net profit at Rs 333 cr

Union Bank’s Q1FY21 net profit at Rs 333 cr

State-run lender Union Bank on Friday reported a net profit of Rs 333 crore for the first quarter of 2020-21.

The lender had reported a net loss of Rs 7,157 crore during the corresponding period of the previous fiscal.

“Amalgamation of the Andhra Bank and the Corporation Bank came into effect on April 1, 2020; accordingly the combined financials as on March 31, 2020 and June 30, 2019 has been arrived at by aggregating audited or reviewed numbers of three banks,” the lender said in a statement.

The bank’s net interest income for April-June quarter of FY21 grew by 17.1 percent to Rs 6,403 crore as against Rs 5,468 crore in the same period last year.

Gross NPA ratio improved to 14.95 percent as on June 30, 2020, compared to 15.59 percent as of June 30, 2019.

“Net NPA ratio improved to 4.97 percent as on June 30, 2020, compared to 6.47 percent as on June 30, 2019,” the statement said.

“Provision Coverage Ratio (PCR) improved to 79.87 percent as on June 30, 2020, compared to 73.38 percent as on June 30, 2019.”

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